24 Marzo 2020, USD/JPY
USDJPY trading plan:
Japan's economic stimulus package to beat the fallout from the coronavirus outbreak should include cash payouts, distribution of coupons, and other measures that give a direct boost to consumption, a senior ruling party official said. Hiroshige Seko, a senior official of Japan's ruling Liberal Democratic Party, also told reporters that a supplementary budget must be compiled in time to fund necessary steps before Japan's Golden Week holidays in early May. Federal Reserve Bank of New York plans to conduct operations totaling approximately $75 billion of Treasury securities and approximately $50 billion of agency MBS each business day this week, subject to reasonable prices. This is a negative signal for the dollar.
Trading recommendation: Sell 110.55 and take profit 109.85.
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