11 November 2020, USD/JPY
USDJPY trading plan:
Japan's third extra budget for economic stimulus steps may need to be bigger than 15 trillion yen, a senior lawmaker in the ruling Liberal Democratic Party said. Prime Minister Yoshihide Suga instructed his cabinet on Tuesday to compile a package of stimulus measures to revitalise an economy hit by the coronavirus pandemic. The package aims to cushion the blow from COVID-19, foster structural changes in the economy and boost productivity through digitisation. Cabinet ministers have said the size of the new package had not been decided yet, but ruling party lawmakers have called for 10 trillion to 30 trillion yen in new measures. This is a positive signal for USDJPY.
Trading recommendation: Buy 105.38 and take profit 105.70
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