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Sino-U.S. tensions

Sino-U.S. tensions | 18 August 2020

18 August 2020, USD/JPY

Sino-U.S. tensions

USDJPY trading plan:

Stock markets fell on today as investors worried about escalating U.S.-China tensions and a resurgence in regional COVID-19 cases, knocking shares of growth-sensitive cyclical sectors lower. This is a good signal for the stock market and USD JPY, which has a correlation with the shares. Sino-U.S. tensions have weighed on market confidence of late, and the Trump administration stated Monday that it would further tighten restrictions on China's Huawei Technologies, cracking down on its access to commercially available chips.The curbs follow U.S. President Donald Trump’s ban on the TikTok and WeChat apps in the U.S. and the introduction of a new security law in Hong Kong. The two sides also postponed a planned six-month review of their phase-one trade agreement at the weekend.

Trading recommendation: range 105.20 -106.00.

David Johnson
Analyst of «FreshForex» company
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