16 November 2020, USD/JPY
USDJPY trading plan:
U.S. consumer sentiment unexpectedly declined in early November as an increase in Covid-19 infections prompted Americans to reassess their outlooks for the economy and finances. The University of Michigan’s preliminary sentiment index for November decreased to a three-month low of 77 from a final October reading of 81.8. Consumers’ views about their current financial situations deteriorated, to well below the pre-pandemic peaks, the report showed. Net declines in household incomes were reported in early November for the first time since March 2014, with the largest decrease among lower income households and older Americans. Less optimism about the state of the economy may damp prospects for the holiday shopping season against a backdrop of surging new virus infections across the country. The rising caseloads could weigh on sentiment in the coming months as some cities and states reinstate more restrictive measures.
Trading recommendation: Sell 104.80 and take profit 104.40
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