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Positive macroeconomic statistics from the United States

Positive macroeconomic statistics from the United States | 24 August 2020

24 August 2020, USD/JPY

Positive macroeconomic statistics from the United States

USDJPY trading plan:

The bullish rally in the U.S. stock market will have a positive impact on the value of USDJPY. U.S. business activity snapped back to the highest since early 2019 this month as companies in both the manufacturing and services sectors saw a resurgence in new orders even as new COVID-19 cases remain stubbornly high across the country. "Driving the overall upturn in output was stronger client demand," Markit said in its report. "Total new business rose for the first time since February and at a solid rate. Manufacturing firms registered a steeper expansion in new order inflows than in July, while service providers signaled a renewed increase in sales." This is a good signal for the stock market and USD JPY, which has a correlation with the shares.

Trading recommendation: Buy 105.65 and take profit 106.00.

David Johnson
Analyst of «FreshForex» company
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