08 October 2020, USD/JPY
USDJPY trading plan:
Federal Reserve policymakers agreed that current monetary policy measures were appropriate to support the economic recovery. The System Open Market Account manager first discussed developments in financial markets. On net, financial conditions eased over the intermeeting period. Equity prices rose and the broad dollar continued to depreciate from its crisis-driven peak in March. Yields on Treasury inflation-protected securities fell, while longer-dated nominal Treasury yields increased modestly. Participants perceived downside risks to U.S. gross domestic product growth this year as having declined notably since the July survey, and their forecasts for overall growth for 2020 were revised up significantly.
Trading recommendation: Buy 105.84 and take profit 106.08.
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