24 September 2020, USD/JPY
USDJPY trading plan:
Japan's government upgraded its view on exports, factory output and the job situation in its September economic report. With consumers and businesses still cautious as the country continues to battle the outbreak, the government downgraded its view on consumer spending and business expenditure in the monthly report released today. "The economy remains in a severe condition due to the COVID-19 impact but it is showing signs of picking up recently," the government said in the report. Japan's economy shrank an annualised 28.1% in the April-June period, contracting for a third consecutive quarter. This is a positive signal for the Japanese stock market and USDJPY, as assets are correlated with each other.
Trading recommendation: Buy 105.20 and take profit 105.51.
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