15 November 2023, USD/JPY
USDJPY trading plan:
Japan's economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, complicating the central bank's efforts to gradually phase out its massive monetary stimulus amid rising inflation. The data suggests stubbornly high inflation is taking a toll on household spending, and adding to the pain for manufacturers from slowing global demand including in China. Capital expenditure fell 0.6% in the third quarter after declining 1.0% in April-June, confounding market forecasts for a 0.3% gain and casting doubt on the BOJ's view that robust corporate investment will underpin growth. The weak growth and the spectra of slowing inflation could delay the BOJ's exit from negative interest rates.
Investment idea: buy 150.15 and take profit 150.80.
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