06 June 2023, USD/JPY
USDJPY trading plan:
The U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve's fight against inflation. Meanwhile, factory orders rose for a second straight month in April, but aside from a jump in orders for national defense, overall manufacturing activity was soft, in keeping with private survey data showing the sector now in a prolonged downturn. Though the PMI remains above the 49.9 level, which the ISM says over time indicates growth in the overall economy, last month's slowdown heightened the risks of a recession. The ISM reported last week that its manufacturing PMI was stuck below the 50 thresholds in May for the seventh straight month, the longest such stretch since the Great Recession.
Investment idea: sell 139.66 and take profit 139.00.
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