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FOMC will recognize deterioration in economic conditions

FOMC will recognize deterioration in economic conditions | 29 April 2020

29 April 2020, USD/JPY

USDJPY trading plan:

The consumer confidence plunged in April, with the 'current conditions' component suffering its largest drop ever, according to the Conference Board. The U.S. Federal Reserve convenes its monetary policy meeting to contend with crushing joblessness and an ailing economy. The Federal Reserve will recognize deterioration in economic conditions and likely signal that rates will remain low for an extended period. This is a good signal for the stock market and USD JPY, which has a correlation with the shares. The S&P 500 posted 12 new 52-week highs and 1 new lows.

Trading recommendation: Buy 106.30 and take profit 106.70.

David Johnson
Analyst of «FreshForex» company
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