Negative signals for the stock market | 23 April 2019

23 April 2019, USD/JPY

Negative signals for the stock market

USDJPY trading plan:

The U.S stock market today may show a decline in quotations in the area of 2890 on the index #SP500. This is a negative factor for USDJPY, which has a direct correlation with the stock market. Coca-Cola and Procter&Gamble will release its financial statements for the 1st quarter. Companies may disappoint investors with weak data against the backdrop of the strengthening of the dollar. Weak statistics on home sales in the USA will put additional pressure on the stock market. Existing home sales dropped 4.9 percent to a seasonally adjusted annual rate of 5.21 million units last month. February's sales pace was revised down to 5.48 million units from the previously reported 5.51 million units. Sales fell in all four regions of the country last month.

Trading recommendation: Sell 112.15 and take profit 111.90.

David Johnson
Analyst of «FreshForex» company
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