16 Marzo 2020, USD/JPY
USDJPY trading plan:
Negative macroeconomic statistics from the United States will have a negative impact on the value of USDJPY. The University of Michigan’s preliminary sentiment index fell to 95.9 from 101 in February, according to data released. The gauge of current conditions fell to 112.5 and the expectations index fell to 85.3. “The initial response to the pandemic has not generated the type of economic panic among consumers that was present in the runup to the Great Recession,” Richard Curtin, director of the University of Michigan consumer survey, said in a statement. “Nonetheless, the data suggest that additional declines in confidence are still likely to occur as the spread of the virus continues to accelerate.” This is a negative signal for the American economy!
Trading recommendation: Sell 106.50 and take profit 105.90.
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