01 March 2019, USD/JPY
USDJPY trading plan:
The U.S. dollar grows after the publication of GDP for the 4th quarter. Gross domestic product increased at a 2.6% - investors expected growth of 2.2%. Annual growth for 2018 still settled at a strong reading of 3.1%, marking the first time since 2005 that annual growth has topped 3%. This is a positive signal for the dollar. Looking forward, traders widely anticipate economic growth to slow further in 2019 due to the fading effects of fiscal stimulus, tighter monetary policy, political gridlock and uncertainty surrounding global trade policy. American consumers could come to the rescue of the economy if the labor market continues to create jobs and wages increase.
Trading recommendation: Buy 111.47 and take profit 112.00.
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