14 September 2023, USD/JPY
USDJPY trading plan:
Confidence at big Japanese manufacturers fell the most in eight months, while morale in the services sector also slumped on worries a slowdown in China's economy could be a bigger drag on growth globally and at home, a fresh poll for September showed. The gloom across the business sector underlines the challenge for Japanese policymakers and raises doubts that exports could fuel an economic recovery in the face of weak domestic demand. The Tankan monthly poll of 502 big manufacturers, showed a sharp fall in the sector's sentiment index to plus 4, from plus 12 in August. That was the biggest drop since January when the index declined 14 points. Many Japanese firms complained about elevated input costs of raw materials as well as weak demand at home and abroad.
Investment idea: buy 147.00 and take profit 147.77.
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