15 August 2023, USD/JPY
USDJPY trading plan:
Japan's economy grew much faster than expected in April-June, as brisk auto exports and tourist arrivals helped offset the drag from a slowing post-COVID consumer recovery, although global recession prospects cloud the outlook. The 6.0% annualised growth in Japan's economy translated into a quarterly gain of 1.5%, much bigger than median estimates of 0.8%. It was the fastest expansion since the final quarter of 2020 and followed a revised 3.7% expansion in January-March. While the headline GDP data provides some relief to policymakers seeking to balance economic growth with sustainable inflation, it masks underlying weakness in the household sector. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 145.50 and take profit 146.10.
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