08 November 2019, USD/JPY
USDJPY trading plan:
A bullish rally in the stock markets will have a positive impact on the value of the USDJPY currency pair. Washington and Beijing moved closer to a phase-one agreement. The amount of tariff relief that would come in the first phase, set to be signed in the coming weeks, would depend on the content of that agreement, spokesman Ministry of Commerce China Gao Feng said. Positive macroeconomic statistics from China will provide additional support to USDJPY. China’s exports declined less than expected in October as optimism rose about an interim trade deal with the U.S. The improvement in exports will provide some relief to companies, which are being squeezed by falling profits amid factory deflation.
Trading recommendation: Buy 109.15 and take profit 109.50.
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