USDJPY trading plan:
A bullish rally in the gold market will negatively affect the value of USDJPY, as assets have an inverse correlation. Globally, India, South Korea, United States and New Zealand have all reported higher incidences of the Covid-19 in recent weeks. This is a positive signal for gold! The outlook for a global economic recovery has worsened or at best stayed about the same over the past month, according to a majority of economist’s polls, with the ongoing recession expected to be deeper than predicted in May.
Trading recommendation: Sell 107.25 and take profit 106.80.
Origin: FreshForex
