09 December 2022, USD/JPY
USDJPY trading plan:
Japan's economy, the world's third-largest, shrank less than initially estimated in the third quarter, bolstering a view that it is slowly recovering from COVID-19 doldrums even as major export markets show further signs of weakening. The revised 0.8% annualised quarterly contraction in gross domestic product released by the Cabinet Office compared with economists' median forecast for a 1.1%. The revision was driven by upward change in private inventories and compared with a 4.5% annualised quarterly gain in the previous quarter. The economy may rebound in the current quarter due to easing of supply restrictions on semiconductors and cars, and lifting of COVID-19 border controls, boosting tourism, some analysts say.
Investment idea: sell 136.77 and take profit 136.03.
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