05 June 2020, USD/JPY
USDJPY trading plan:
We are expecting a downtrend to develop. The U.S. Commerce Department said the trade deficit jumped 16.7% to $49.4 billion. Global lockdowns to slow the spread of COVID-19 have severely disrupted the movement of goods and services between countries, leading to sharp contractions in economic activity. In April, exports dropped a record 20.5% to $151.3 billion, the lowest since April 2010. Goods exports plunged 25.2% to $95.5 billion, the lowest since September 2009. Exports of motor vehicles and parts fell to $3.8 billion, the lowest since March 1992. Shipments of consumer goods dropped to $10.4 billion, the lowest since April 2006.
Trading recommendation: Sell 109.47 and take profit 109.05.
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