USDJPY – Down
USDJPY trading plan:
Positive news from Japan will negatively affect the value of USDJPY. An inflation gauge closely watched by the Bank of Japan accelerated at its fastest pace in almost three years- core consumer prices rose 0.9% in April from a year earlier. Japanese companies typically revise prices of their goods and services at the April start of a new fiscal year. Prices rose for nearly 57 percent of items making up the core CPI index in April, up from 54 percent in March. The United States has disappointed traders with negative macroeconomic statistics in industry. IHS Markit said its U.S. manufacturing PMI declined to a reading of 50.6 in early May, marking the lowest level since September 2009, from 52.6 in April.
Trading recommendation: Sell 109.77 and take profit 109.48.
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