USDJPY – Down
USDJPY trading plan:
Japan’s core machinery orders slipped for the first time in three months in May, hurting hopes that a pickup in business spending would offset pressure on an economy struggling with surging costs of energy and other imports due to a weak yen. The decline in core orders comes a day after Prime Minister Fumio Kishida’s ruling coalition government increased its majority in the upper house of parliament, strengthening the premier’s hand as leader. Japanese firms could delay spending due to persistent constraints in the supply of chips and parts and rising energy and raw material prices that have been aggravated by a weakening yen, sending wholesale inflation soaring.
Investment idea: buy 136.70 and take profit 137.20.
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