12 Marzo 2020, USD/JPY
USDJPY trading plan:
Good news and bad news. The WHO formally declared the COVID-19 coronavirus outbreak a pandemic on Wednesday. WHO Director-General Dr. Tedros Adhanom Ghebreyesus said during a press conference in Geneva that in the past two weeks the number of cases outside China had increased 13-fold and the number of affected countries has tripled. This is negative news. Beginning Thursday, March 12, 2020 and continuing through Monday, April 13, 2020, the Open Market Trading Desk at the Federal Reserve Bank of New York will offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period. In addition, the Desk will also offer three one-month term repo operations, with the first operation occurring on Thursday, March 12, 2020. The amount offered for each of these three operations will be at least $50 billion. This is positive news.
Trading recommendation: range 103.30 -104.30.
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