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China-originated coronavirus

China-originated coronavirus | 27 January 2020

27 January 2020, USD/JPY

USDJPY trading plan:

We are expecting a downtrend to develop. Investors increase short positions on stock markets. This is a negative signal for the USDJPY! The S&P 500 lost 0.9%, while the Nasdaq Composite fell 0.9% and the Dow Jones Industrial Average slumped 0.6%. Signs that virus is spreading took a toll on investor sentiment, with France reporting its maiden case of the outbreak and a second case identified in the U.S. Confirmed cases of the flu-like virus have reached 1000 so far, and are likely to increase further, intensifying fears that areas of the market sensitive to a decline in tourism and air travel are in for rocky ride.

Trading recommendation: Sell 109.15 and take profit 108.90.

David Johnson
Analyst of «FreshForex» company
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