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The bullish rally on the U.S. stock market

The bullish rally on the U.S. stock market | 17 June 2020

17 June 2020, USD/JPY

The bullish rally on the U.S. stock market

USDJPY trading plan:

The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. Retail sales jumped 17.7% last month, the biggest advance since the government started tracking the series in 1992. Sales dropped a record 14.7% in April. Receipts at service stations increased 12.8%. Sales at electronics and appliance stores soared 50.5%. Receipts at clothing stores rebounded 188% last month. Still, clothing store sales remained about 63% below their February level. Sales at furniture stores soared 89.7%. Receipts at restaurants and bars advanced 29.1%. Spending at hobby, musical instrument and book stores vaulted 88.2%. All these categories had suffered record declines in sales in March and April.

Trading recommendation: Buy 107.35 and take profit 107.70.

David Johnson
Analyst of «FreshForex» company
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