China's Economy Recovers

Happy Tuesday, dear traders! Let's check what news is moving the markets right now!

• JPMorgan raised its forecast for China's GDP growth in 2023 to 6.4% from 6% earlier.
• Today, the head of the SEC will speak in front of the US Congress about regulating cryptocurrencies. According to the prepared text, he plans to repeat the thesis that crypto needs to be regulated like securities.
• According to the International Monetary Fund, China will become the largest driver of global economic growth in the next five years, two times the contribution of the US economy.
• Morgan Stanley: the crisis has begun as banks cut lending to record levels.
• Alphabet (GOOGLE) lost $55 billion in market value after Samsung said it wanted to replace Google with Bing on its phones.
• Elon Musk wants to launch an alternative to ChatGPT for finding the truth and exploring the universe - TruthGPT.

USDJPY technical analysis 

USDJPY is moving inside the rising channel on the H4 timeframe. Currently, the price is bouncing off the cross point of the resistance trendline and the order block. Therefore, we expect the pair to decline toward the lower channel's border (132.21) in the short term. If the price drops below the support trendline, it will move toward 130.65 and 129.68. 

The trade will be canceled if the price breaks above 135.15.

Have a great trading day!

Author: FBS Analyst Team

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