The bullish rally on the U.S. stock market | 25 Februari 2021

25 Februari 2021, USD/JPY

The bullish rally on the U.S. stock market

USDJPY trading plan:

The Dow hit a record high on Wednesday, as cyclicals continued to shine on the bets over a stronger economic recovery, while rising chip stocks boosted tech. Energy, up more 3%, led the move higher in cyclical stocks as oil prices shrugged off an unexpected build in the crude stockpiles on expectations of a boost to demand from a stronger recovery. Industrials were also firmer, with airlines leading to the upside on expectations for a surge in travel demand when the economy full reopens and further fiscal support to the aviation industry. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: Buy 105.73 and take profit 106.14.

David Johnson
Analyst of «FreshForex» company
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