20 August 2020, USD/JPY
USDJPY trading plan:
Housing-sector activity bounced back strongly in recent months, likely boosted in part by the effects of low interest rates. Starts and building permit issuance for single-family homes, along with starts of multifamily units, increased significantly over May and June; however, these construction measures were still below their pre-pandemic levels. Sales of existing homes rose substantially over those two months, and new home sales also moved up on net. This is a positive signal for the dollar. In the interbank lending market, rates on dollar loans are starting to low again, it will negatively affect the value of the American currency. The three-month dollar Libor rate is below 0.25%. This indicates a surplus of dollars.
Trading recommendation: range 105.50 -106.40.
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