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Negative macroeconomic statistics from the United States

Negative macroeconomic statistics from the United States | 06 April 2020

06 April 2020, USD/JPY

Negative macroeconomic statistics from the United States

USDJPY trading plan:

We are expecting a downtrend to develop. A bearish rally in the U.S. stock market will have a negative impact on the value of USDJPY, as assets are correlated with each other. Stock market fell in late weekly trading after government data suggested that the U.S. economy shed jobs faster than widely expected as the Covid-19 started to hit and deaths in New York saw the biggest one-day rise. The Bureau of Labor Statistics had said earlier that nonfarm employment in the U.S. fell by 701,000 in the month to mid-March, far more than the 100,000 drop expected.

Trading recommendation: Sell 109.30 and take profit 108.90.

David Johnson
Analyst of «FreshForex» company
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