01 August 2022, USD/JPY
USDJPY trading plan:
China's factory activity contracted unexpectedly in July after bouncing back from COVID-19 lockdowns the month before, as fresh virus flare-ups and a darkening global outlook weighed on demand. The official manufacturing purchasing managers' Index fell to 49.0 in July from 50.2 in June, the National Bureau of Statistics said, below the 50-point mark that separates contraction from growth and the lowest in three months. Continued contraction in the energy-intensive industries, such as petrol, coking coal and ferrous metals, contributed most to pulling down the July manufacturing PMI, he said. Sub-indexes for output and new orders fell by 3 points and about 2 points in July, respectively, while the employment sub-index edged down by 0.1 point. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: sell 132.75 and take profit 132.08.
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