USDJPY – Down
USDJPY trading plan:
We are expecting the continuation of the bullish rally in the stock markets which will have a positive impact on the value of the currency pair USDJPY. Hopes of a U.S.-China trade deal and expectations of another rate cut by the Federal Reserve when it concludes its two-day meeting has a positive impact on the U.S. stock market. Third-quarter earnings of S&P 500 companies have largely been better than expected, easing some of the concerns over growth which have dogged markets this year, with over 77% of the 236 firms to report so far surpassing profit expectations, according to Bloomberg data. The S&P index recorded 41 new 52-week highs and no new lows.
Trading recommendation: Buy 108.60 and take profit 109.15.
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