05 августа 2019, USD/JPY
USDJPY trading plan:
The escalation of the USA-China trade war is forcing investors to increase their short positions. China would not give an inch under pressure from Washington, Chinese Foreign Ministry spokeswoman Hua Chunying said. "If America does pass these tariffs then China will have to take the necessary countermeasures to protect the country's core and fundamental interests," Hua told a news briefing in Beijing. Stocks fell for a fifth-straight day Friday, with the S&P 500 and Nasdaq Composite suffering their worst weekly losses since the depths of the December slump. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.
Trading recommendation: Sell 106.78 and take profit 106.45.
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