12 November 2020, USD/JPY
USDJPY trading plan:
Positive news about Pfizer Inc and BioNTech's COVID-19 vaccine has been encouraging risk-positive investment across global markets. However, the realization that a publicly available vaccine is still some way off is beginning to pull investors back toward safe-haven assets. Market sentiment has been toward risk, with steep climbs in stocks over the period since the announcement. However, investors are starting to turn to risk-averse assets as caution reasserts itself. European Central Bank President Christine Lagarde announced the bank’s plans to focus on emergency bond purchases and cheap loans for banks as a major plank in its policies for assisting euro zone economies. This is a good signal for the stock market and USD JPY, which has a correlation with the shares.
Trading recommendation: Buy 105.25 and take profit 105.54
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