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Negative signal for the dollar

Negative signal for the dollar | 11 March 2020

11 March 2020, USD/JPY

Negative signal for the dollar

USDJPY trading plan:

Asian shares and Wall Street futures fell on Wednesday. This is a bad signal for the stock market and USD JPY, which has a correlation with the shares. Benchmark U.S. 10-year Treasury yields were last at 0.7068%, more than double Monday's record low yield of 0.3180%. Investors are expecting the Fed to cut interest rates for the second time this month at the conclusion of next week's regularly scheduled policy meeting after surprising investors last week with 50 basis point rate cut. This is a negative signal for the dollar.

Trading recommendation: Sell 104.60 and take profit 104.25.

David Johnson
Analyst of «FreshForex» company
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