Good and bad news | 03 November 2020

03 November 2020, USD/JPY

Good and bad news

USDJPY trading plan:

A bullish rally in the gold market signals a decline in USDJPY, as the Japanese yen and the precious metal correlate with each other. Positive macroeconomic statistics from the United States will have a positive impact on the value of the dollar. The ISM said its index of national factory activity increased to a reading of 59.3 last month. That was the highest since November 2018 and followed a reading of 55.4 in September. Manufacturers and suppliers said last month they "continue to operate in reconfigured factories" and with every month were "becoming more proficient at expanding output."

Trading recommendation: range 104.35 -105.00

David Johnson
Analyst of «FreshForex» company
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