Good and bad news | 22 July 2020
22 July 2020, USD/JPY
USDJPY trading plan:
Good and bad news for USDJPY. The last 11 days, REPO auctions are recognized as not held due to the lack of bids - this is the maximum period this year. It is negative for the dollar, because it signals an excess of dollar liquidity in the banking system. A bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. The Chicago Fed Manufacturing Index rose to a reading of 4.11 from 2.61, topping economists' forecast for a treading of 4.00. A reading below zero suggests below-trend growth in the economy and a sign of slowing inflation.
Trading recommendation: range 106.44 -107.25.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
