20 July 2023, USD/JPY
USDJPY trading plan:
Japan's government cut this year's economic growth forecast but expects inflation to sharply exceed the central bank's 2% target in new projections released, acknowledging growing signs of change in the country's deflationary mindset. In a mid-year review of its forecasts, the government expects the economy to expand 1.3% in the current fiscal year ending in March 2024, down from 1.5% projected in January. It expects the economy to grow 1.2% in fiscal 2024. Overall consumer inflation, which does not strip away any item, will likely hit 2.6% this fiscal year, the government said, higher than 1.7% projected in January and exceeding the Bank of Japan's 2% target. The government expects inflation to hit 1.9% in fiscal 2024.
Investment idea: buy 139.32 and take profit 139.99.
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