18 November 2020, USD/JPY
USDJPY trading plan:
Federal Reserve Chair Jerome Powell said it was not time to shut down emergency programs aimed at battling the economic fallout from the coronavirus pandemic, with cases again surging and the economy left with "a long way to go" to recover. Extending the programs would require Treasury's approval under the "lame-duck" Trump administration. Some Republicans in Congress have balked at keeping them open, particularly the program of lending for local governments. Even as recent positive news on experimental coronavirus vaccines has raised the prospect of a fuller economic recovery next year, the next few months could be "challenging" the Fed chief said. This is a negative signal for the dollar!
Trading recommendation: Sell 104.21 and take profit 103.65
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