USDJPY – Down
USDJPY trading plan:
Japan’s current account swung to a surplus in February, reflecting hefty returns on securities investments and easing some concerns about any weakening of the country’s purchasing power, after the previous month’s record deficit. In February, a weak yen and rises in global interest rates helped drive the amount of primary income gains from Japanese investments overseas to a record amount, a MOF official said. The income surplus stood at 3.4407 trillion yen, more than enough to offset the trade deficit of 604.1 billion yen, the data showed. That reflected the trend in which the country increasingly earns income from capital parked abroad rather than sales of goods and services. The data underscores the pain that high energy costs and a weak yen were inflicting on Japan’s economy, the world’s third biggest, which relies heavily on imports of fuel and raw materials.
Investment idea: buy 132.95 and take profit 133.70.
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