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Inverse correlation between USDJPY and gold

Inverse correlation between USDJPY and gold | 31 Julio 2020

31 Julio 2020, USD/JPY

Inverse correlation between USDJPY and gold

USDJPY trading plan:

The bullish rally in the gold market has a negative impact on the value of USDJPY. Safe-haven demand remains steady after a disastrous second quarter US GDP reading, consistently high weekly jobless claims figures, and partisan politics preventing progress toward a virus relief bill on Capitol Hill. Federal Reserve Chairman Jay Powell warned on Wednesday the pace of economic recovery has slowed since business reopenings from lockdown. He also said some jobs lost to the pandemic may never return, adding that many laid off from eateries and places of public entertainment such as restaurants and bars do not have enough jobs to return to.

Trading recommendation: Sell 104.60 and take profit 104.10.

David Johnson
Analyst of «FreshForex» company
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