23 September 2020, USD/JPY
USDJPY trading plan:
Japan's factory activity extended declines in September largely due to a sharper fall in output, as the world's third-largest economy struggles to stage a robust recovery from the COVID-19 pandemic. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index was largely unchanged at 47.3 in September compared with a final 47.2 in the previous month. Output contracted at a faster pace for the first time in four months, weighing on the headline index, which remained below the 50.0 threshold that separates contraction from expansion for a 17th month. The latest housing market figures from the U.S. gave the dollar a boost, with sales passing the 6 million mark, the highest number in 14 years. Investors increase short positions in the precious metals market which will have a positive impact on the value of the dollar.
Trading recommendation: Buy 105.00 and take profit 105.39.
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