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A bearish rally in stock markets

A bearish rally in stock markets | 10 July 2020

10 July 2020, USD/JPY

USDJPY trading plan:

A bearish rally in stock markets will have a negative impact on the value of USDJPY. Recent virus problems in the U.S. present a material risk to the world recovery in the coming months. More than 60,000 new COVID-19 infections were reported across the United States on Thursday, the greatest single-day tally by any country in the pandemic so far. The U.S accounts for over 3.1 million of all cases. There are over 12.2 million cases and 550,000 deaths globally as of July 10, according to John Hopkins University data. Traders increase their short positions in stock markets amid worries the global economic recovery might fade as COVID-19 cases increase.

Trading recommendation: Sell 106.90 and take profit 106.54.

David Johnson
Analyst of «FreshForex» company
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