Correlation between XAUUSD and USDJPY | 14 May 2020

USDJPY trading plan:

A bullish rally in the precious metals market will have a negative impact on the value of USDJPY. A mental illness crisis is looming as millions of people worldwide are surrounded by death and disease and forced into isolation, poverty and anxiety by the pandemic of COVID-19, United Nations health experts said. U.S. Federal Reserve Chair Jerome Powell handed down a grim economic assessment during his speech; warning of a “significantly worse” U.S. recession than any downturn since World War Two as the COVID-19 virus continues to wreck economic havoc globally. This is a positive signal for gold.

Trading recommendation: Sell 107.00 and take profit 106.60.