USDJPY – Down
USDJPY trading plan:
Japan’s manufacturing activity contracted at the fastest pace in two years in November as demand worsened due to strong inflationary pressures, a business fresh survey showed. The contraction in factory activity also marked the first monthly decline in 22 months and raised a question mark over Japan’s economic outlook as the country relies heavily on trade with China and other nations for its growth. Flash Japan Manufacturing Purchasing Managers‘ Index slipped to a seasonally adjusted 49.4 in November from a final reading of 50.7 in the previous month. Output contracted at the quickest pace in 26 months, falling for the fifth consecutive month, the survey results showed.
Investment idea: buy 138.20 and take profit 139.12.
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