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Japanese bank lending jumped

Japanese bank lending jumped | 13 May 2020

13 May 2020, USD/JPY

USDJPY trading plan:

Outstanding loans held by the country's four main categories of banks, including "shinkin" or credit unions, stood at 553.486 trillion yen in April, up 3.0% from the previous year, according to data released by the Bank of Japan. That was the biggest rise since August 2017 and an acceleration from a 2.0% increase in March. The BOJ ramped up stimulus for the second straight month in April, focusing on steps to ease corporate funding strains as slumping sales from the pandemic prodded many firms to hoard cash. This is a good signal for the stock market and USD JPY, which has a correlation with the shares.

Trading recommendation: Buy 106.80 and take profit 107.25.

David Johnson
Analyst of «FreshForex» company
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