26 April 2023, USD/JPY
USDJPY trading plan:
China's cabinet issued a plan to stabilise its vital trade sector, including supporting exports of automobiles and facilitating visas for overseas businessmen, as subdued global demand threatens its exports outlook. The move came after Chinese officials repeatedly warned of a severe and complicated situation for foreign trade development as exporters reported lack of orders, putting pressure on policymakers to shore up a sector that is key to economic growth and provides jobs to around 180 million people. China will also further smooth the issuing of visas for overseas business people, while increasing inbound and outbound flights, according to the statement. On exploring markets, the State Council asked Chinese embassies and consulates to step up support for small trade firms and urged major export-oriented provinces to play a key role in stabilising the sector. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 133.45 and take profit 134.45.
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