08 December 2021, USD/JPY
USDJPY trading plan:
Japan's economy shrank 3.6% in the third quarter, worse than the initial estimate of a 3.0% contraction, revised government data showed. On a quarter-on-quarter basis GDP fell 0.9%, slightly worse than the initial reading and median forecast for a 0.8% drop. Bank of Japan Deputy Governor Masayoshi Amamiya said there was no need for the central bank to tweak its ultra-loose policy with inflation "well below" its 2% target. While Japan's economy is likely to recover more clearly next year as supply constraints subside, the spread of the Omicron new COVID-19 variant clouds the outlook, Amamiya said. Improvements in corporate funding conditions were also broadening, allowing companies to issue corporate bonds and commercial paper more easily, he added.
Investment idea: buy 113.42 and take profit 114.02.
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