21 May 2020, USD/JPY
USDJPY trading plan:
The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. Traders hopes the economy may mount a quicker recovery were given a boost as all U.S. States partially reopened. Conditions in money markets had improved over recent days. The intense strains across a range of short-term funding markets that emerged in March had subsided. This is a positive signal for the stock market! The expansion of Federal Reserve repurchase agreement operations, the enhancement and expansion of funding available through the discount window and swap lines, and the funding provided through the Primary Dealer Credit Facility, the Money Market Mutual Fund Liquidity Facility, and the Commercial Paper Funding Facility were likely important in relieving pressures across a range of short-term funding markets.
Trading recommendation: Buy 107.58 and take profit 107.92.
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