26 August 2020, USD/JPY
USDJPY trading plan:
U.S. consumer confidence dropped to a more than six-year low in August. The ebb in confidence followed the expiration of a $600 weekly unemployment benefit supplement on July 31 and a flare-up in new COVID-19 infections across the country, which forced some jurisdictions to shut down businesses again or pause reopenings. Though new cases have subsided, hot spots remain. The survey's present situation measure, based on consumers' assessment of current business and labor market conditions, tumbled to a reading of 84.2 this month from 95.9 in July. The expectations index based on consumers' short-term outlook for income, business and labor market conditions dropped to 85.2 from a reading of 88.9 in July.
Trading recommendation: Sell 106.30 and take profit 105.84.
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