Optimism about the U.S. economy starting up again in as little as four weeks coupled with progress on a drug for treating coronavirus patients brought some relief for the equity markets today.
The USD was on its back foot and a short trade was taken on the USDJPY risking 13 pips for a potential 52 pips to our daily target at 107.29.
Price moved lower taking out its Asian session low and moved lower as the U.S. session overlap got underway. Long lower wicks began to form on the candles as buyers entered. We moved our profit stop lower – barely missing our daily target and were taken out of the trade as price began to move higher.
It’s hard to interpret all the coronavirus related data but let’s hope the curve has flattened or at least begun to flatten.
Enjoy your weekend, stay healthy and good luck with your trading!
