18 March 2020, USD/JPY
USDJPY trading plan:
Global stock futures and Asian shares tumbled in choppy trade, as worries about the coronavirus COVID-19 pandemic eclipsed hopes broad policy support would combat the economic fallout from the outbreak. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.6% to a low last seen in late 2016, led by a 6% fall in Australia. Japan's Nikkei erased early gains to dip 0.3%. U.S. stock futures fell 4% in Asia, falling to their daily limit outside U.S. trade, a day after the S&P 500 rose 7% and Dow Jones rose 6%. This is a negative signal for the stock market and USDJPY, which has a correlation with the shares.
Trading recommendation: Sell 107.20 and take profit 106.70.
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