02 October 2020, USD/JPY
USDJPY trading plan:
The report US Commerce Department showed personal income dropped 2.7% in August, reflecting a decrease in unemployment insurance benefits. A $600 unemployment subsidy ended in July and was replaced by a $300 supplement, whose funding is running out. Income increased 0.5% in July. Consumer spending increased 1.0% in August after rising 1.5% in July. Consumption remains 4% below its pre-pandemic level. Traders saw little boost from savings, which totaled $2.43 trillion in August. The Institute for Supply Management said its index of national factory activity fell to a reading of 55.4 last month from 56 in August, which was the highest level since November 2018. Despite last month's dip in the index, September marked the fourth straight month of growth.
Trading recommendation: range 104.93 -105.40.
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