The bullish rally on the U.S. stock market | 08 June 2020

08 June 2020, USD/JPY

The bullish rally on the U.S. stock market

USDJPY trading plan:

We are expecting an uptrend to develop. The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. The Nasdaq Composite surged 2.25% to a record high intraday, closing just below its previous all-time high close of 9,817.18 on Feb. 19. The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 5.00% to 24.52 a new 3-months low. The U.S. economy generated 2.51 million jobs in May, confounding expectations for a loss of 8 million jobs. The unemployment rate unexpectedly fell to 13.3% in May from 14.7% a month earlier. These are positive signals for the stock market!

Trading recommendation: Buy 109.40 and take profit 109.80.

David Johnson
Analyst of «FreshForex» company
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