Forex Fundamental Analysis – Japan logged its largest current account deficit

USDJPY – Down

USDJPY trading plan:

Japan logged its largest current account deficit ever in January as a combination of global slowdown and China’s Lunar New Year holidays undermined the country’s ability to earn from trade. The trade balance, a part of the current account, also hit a record deficit. The current account deficit, at 1.98 trillion yen, was more than double a median market forecast of 818.4 billion yen. It was the biggest on record, the government said, reporting the figures. January was the second straight month in which the current account balance was weaker than a year earlier, the Ministry of Finance data showed, illustrating Japan’s waning strength in international trade.

Investment idea: buy 137.05 and take profit 137.75.

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