23 Juni 2020, USD/JPY
USDJPY trading plan:
Good news and bad news. The bullish rally on the U.S. stock market will have a positive impact on the value of USD JPY. White House trade adviser Peter Navarro said the trade deal with China was "over", linking the breakdown in part to Washington's anger over Beijing not sounding the alarm earlier about the COVID-19 outbreak. Trump also soothed nerves when he tweeted: "China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement." This is a positive signal for the stock market! U.S. home sales dropped to their lowest level in more than 9-1/2 years in May. The National Association of Realtors said on Monday existing home sales fell 9.7% to a seasonally adjusted annual rate of 3.91 million units last month. This is bad news for the dollar.
Trading recommendation: range 106.90 -107.55.