USDJPY – Down
USDJPY trading plan:
Global factory activity slumped in June, business surveys showed, as sluggish demand in China and in Europe clouded the outlook for exporters. In Asia, while factory activity expanded marginally in China, it contracted in Japan and South Korea as Asia’s economic recovery struggled to maintain momentum. Asia’s surveys underscore the toll China’s weaker-than-expected rebound from COVID lockdowns is inflicting on the region, where manufacturers are also bracing for the fallout from aggressive U.S. and European interest rate hikes. The worst may have passed for Asian factories but activity lacks momentum because of diminishing prospects for a strong recovery in China’s economy. China is dragging its feet in delivering stimulus. This is a positive signal for the dollar.
Investment idea: buy 144.35 and take profit 145.10.
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