Good and bad news | 08 May 2020

08 May 2020, USD/JPY

USDJPY trading plan:

Good and bad news for the U.S. dollar. Governor Gretchen Whitmer of Michigan gave the go-ahead to manufacturers in her state to restart on May 11, removing a major obstacle to North American automakers seeking to bring thousands of idled employees back to work this month. In California, fellow Democratic Governor Gavin Newsom unveiled rules permitting manufacturers in his state - ranging from makers of computers, electronics and textiles to aerospace and chemical plants - to reopen as early as today. This is good news for the dollar. The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression. This is bad news for the dollar.

Trading recommendation: range 106.00 -106.65.

David Johnson
Analyst of «FreshForex» company
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