05 October 2023, USD/JPY
USDJPY trading plan:
New orders for U.S.-made goods increased more than expected in August and shipments accelerated, supporting views that economic growth strengthened in the third quarter. Factory orders rebounded 1.2% after falling 2.1% in July, the Commerce Department said. Manufacturing, which accounts for 11.1% of the economy, continues to plod along despite 525 basis points in rate hikes from the Federal Reserve since March 2022. Orders for computers and electronic products gained 0.3%. Electrical equipment, appliances and components orders jumped 1.0%. Machinery orders gained 0.6%. Civilian aircraft orders fell 15.9%, while motor vehicle orders rose 0.3%. Shipments of manufactured goods soared 1.3%. Manufactured goods inventory rose 0.3%, while unfilled orders increased 0.4%. Positive macroeconomic data from the United States is favourable for the dollar.
Investment idea: buy 148.65 and take profit 149.25.
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