USDJPY – Down
USDJPY trading plan:
Profits at China’s industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand, adding to uncertainties about the faltering economy. Industrial profits fell 2.1% in the first eight months of 2022 from a year earlier, after a 1.1% drop logged in January-July, according to data from the National Bureau of Statistics released. China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales, but a property crisis and COVID lockdowns weighed on the outlook. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: sell 114.73 and take profit 114.20.
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