04 May 2020, USD/JPY
USDJPY trading plan:
We are expecting a downtrend to develop. U.S. manufacturing activity plunged to an 11-year low in April as the novel COVID-19 pandemic wreaked havoc on supply chains, suggesting the economy was sinking deeper into recession. Strict measures to slow the spread of COVID-19, the respiratory illness caused by the coronavirus, have almost paralyzed the country, leading to the deepest economic contraction since the Great Recession in the first quarter. The ISM said its index of national factory activity dropped to a reading of 41.5 last month, the lowest level since April 2009, from 49.1 in March. The monthly decline in the ISM index was the biggest since October 2008.
Trading recommendation: Sell 106.85 and take profit 106.50.
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