USDJPY – Down
USDJPY trading plan:
U.S. producer prices increased less than expected in October as services fell for the first time in nearly two years, offering more evidence that inflation was starting to subside, potentially allowing the Federal Reserve to slow its aggressive pace of interest rate hikes. The report from the Labor Department also showed a decline in the cost of wholesale goods excluding food and energy, reflecting improved supply chains as well as slowing demand from higher borrowing costs. This supports economists‘ views that goods disinflation was underway. Data for September was revised lower to show the PPI rebounding 0.2% instead of 0.4% as previously reported. In the 12 months through October, the PPI increased 8.0%. That was the smallest year-on-year increase since July 2021 and followed an 8.4% advance in September.
Investment idea: sell 140.30 and take profit 139.70.
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