USDJPY Descending Triangle Breakout
USDJPY formed a Descending Triangle Pattern by creating lower highs, equal lows.
Recently, USDJPY has broken the Bottom zone of the Descending Triangle.
After a breakout at the bottom zone, we can expect USDJPY to keep falling.
In other Side, Gold has Broken the historical high of 1920$ and went up to 1980$ per ounce.
USD getting weak continuously
Investors are not hoping to buy US dollars. So, the USD getting weak against all major currencies.
USDJPY dropped to its 4-month low level, last week Friday jobless claims make worry, not in good numbers.
This week expects a double-digit decline in US GDP data and dovish FOMC will drive US dollar to further weakness.
Today, we saw key concerns are assured that affect the US dollar.
Officially $600 a week for unemployment benefits expires on this week Friday, the scheme already benefitted 20 million Americans, but many states ended payments before the expiry.
White House now comes with the trillion-dollar package, but many investors look congress will come in a powerful deal for economic recovery.
Unfortunately, Senate Republicans are waiting to cut the weekly benefit to $200 from $600 (the proposal is scheduled for release). Hence the proposal of cutting benefits will hurt the economy and unemployed Americans. So, US markets feel disappointment.
Economists view on US GDP growth to contract by -35% in the second quarter.
USDJPY is slide to 4 month low and negative results may come this week and business earnings will send USDJPY further decline.
Rally in EURUSD is due to Europe continues to lead recovery, last week PMI data and today German IFO report shows the ongoing recovery of Eurozone. second-quarter GDP also in pending for EURO zone.
A virus causes a sudden rise in France, Germany, Spain is fears of the second wave of COVID-19.
The cases grow more day by day consistently, will lead the investors to book their profits in EURO.
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