07 August 2023, USD/JPY
USDJPY trading plan:
The U.S. economy maintained a moderate pace of job growth in July, but solid wage gains and a decline in the unemployment rate pointed to continued tightness in labor market conditions. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report. Data for June was revised lower to show 185,000 jobs added instead of the previously reported 209,000. It adds to the growing body of evidence suggesting the US labour market is finally starting to slow down. But it's not all good news. The earnings numbers have come in at a still strong annual reading of 4.4%, considerably higher than the 3.5% approximate level that is considered consistent with a 2% inflation target; and the overall unemployment rate has unexpectedly fallen to 3.5%.
Investment idea: range 141.50 – 142.50.
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