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The bullish rally on the U.S. stock market

The bullish rally on the U.S. stock market | 02 July 2020

02 July 2020, USD/JPY

The bullish rally on the U.S. stock market

USDJPY trading plan:

The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. On the manufacturing front, ISM manufacturing data for June showed an uptick to 49.8, beating expectations of 49.6. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12% of the U.S. economy. The sharp rebound in manufacturing following the slump in April and May was led by strong improvements in the new orders and production indexes and paves the way for a solid month in July. Factory employment improved last month. The ISM's manufacturing employment measure rose to a reading of 42.1 from 32.1 in May.

Trading recommendation: Buy 107.20 and take profit 107.60.

David Johnson
Analyst of «FreshForex» company
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