Negative macroeconomic statistics from Asia | 01 أغسطس 2019

USDJPY trading plan:

Purchasing Managers' Indexes showed manufacturing activity contracting in China for a second consecutive month, while export driven economies in North Asia - Japan, South Korea and Taiwan - have been in pain for longer. Asian factory activity contracted further in July, fuelling worries that a Sino-U.S. trade war and a slowdown in China could tilt the world toward a global recession, which central banks will have to fight with depleted ammunition. The Bank of Japan and the European Central Bank have flagged their readiness to ease policy in the past week. We are expecting the bull rally to continue.

Trading recommendation: Buy 108.95 and take profit 109.25.