08 Abril 2020, USD/JPY
USDJPY trading plan:
Central Bank of China will boost credit and lower funding costs, especially for small firms seen as vital for growth and jobs, and accommodate increased fiscal spending. Central bank said it was cutting reserve requirement ratio - the amount of cash that banks must hold as reserves - for the third time this year, and lowered interest rate on banks' excess reserves for the first time since 2008. Central bank is likely to cut the LPR on April 20, following a 20 basis point cut in the 7-day reverse repo rate on March 30, and trim the benchmark deposit rate in the coming months as consumer inflation is expected to ease. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Trading recommendation: Buy 108.55 and take profit 109.00.
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