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Negative signal for the dollar

Negative signal for the dollar | 20 November 2020

20 November 2020, USD/JPY

USDJPY trading plan:

Senate Democratic Minority Leader Chuck Schumer said Republican Majority Leader Mitch McConnell had agreed to revive talks to craft a new fiscal relief package. A senior Democratic aide told there had been a meeting among congressional aides that discussed COVID-19 relief and efforts to pass a $1.4 trillion bill to keep government agencies operating beyond Dec. 11 when current funding expires. This is a negative signal for the dollar, as it will increase the money supply. M2 money supply renewed its historical maximum and reached $ 19.06 trillion. The growth rate still exceeds 25% and is at an all-time high. Such statistics indicate the development of a downtrend in this currency pair.

Trading recommendation: Sell 103.88 and take profit 103.50

David Johnson
Analyst of «FreshForex» company
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