Tickmill’s Investing Diva, USDJPY Daily Outlook 06-03-20

Tickmill’s Investing Diva, USDJPY Daily Outlook 06-03-20

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USDJPY Daily Outlook – On Thursday we found out that the U.S. factory orders declined 0.5% in January, and its fourth-quarter unit labour costs and productivity revised down. We also found out that the UK will give the economy the support it needs to get through coronavirus.

On Friday we have Canada’s jobs report and the Non-farm payrolls in the US.

Today I’m looking at the USD/JPY pair which along with other USD crosses, continued its sharp declines on the coronavirus fear.

The pair is fast approaching the lows of last August towards the 104 level, and if a cure is not found for the virus soon, we could expect the pair to drop to as low as 101.

Shorting the USD/JPY has been my go-to strategy since 2008 when I first started trading forex.

While we can’t guarantee this will happen again, many indicators are pointing to further declines.

Do you think the USD/JPY is oversold and we could see a temporary relief? Are you looking to short or long the USD crosses?

Head over to the comments section and let me know!

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

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