06 Julio 2020, USD/JPY
USDJPY trading plan:
The bullish rally in the Chinese stock market will have a positive impact on the value of USDJPY. Turnover on the Shanghai and Shenzhen exchanges exceeded 1 trillion Yuan for the first time in four months on Thursday and Friday. Stock indexes are at multi-month highs and margin borrowing by leveraged investors has soared. The Caixin/Markit services Purchasing Managers' Index rose to 58.4, the highest reading since April 2010, from May's 55.0. The services sector accounts for about 60% of the economy and half of the urban jobs, and includes many small, private companies which had been slower to recover initially than large manufacturers. China will recover faster than other economies given a mix of state-directed infrastructure spending, lending and pent-up domestic demand.
Trading recommendation: Buy 107.50 and take profit 107.90.
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