The bullish rally on the US stock market | 06 اكتوبر 2020

USDJPY trading plan:

The bullish rally on the US stock market will have a positive impact on the value of USDJPY, as the currency pair correlates with the S&P500 index. White House Chief of Staff Mark Meadows said there was still potential to reach agreement with U.S. lawmakers on more COVID-19 relief and that Trump was committed to getting the deal done. The S&P index recorded 22 new 52-week highs. U.S. services industry activity picked up in September, pulling above a level that prevailed before the COVID-19 pandemic struck the nation. The Institute for Supply Management said its non-manufacturing activity index rose to a reading of 57.8 last month from 56.9 in August.

Trading recommendation: Buy 105.55 and take profit 106.00.