30 Juli 2021, USD/JPY
USDJPY trading plan:
The S&P 500 index scaled record highs, as a slate of strong corporate earnings reports and data showing a pickup in U.S. economic growth reinforced confidence in a post-pandemic recovery. Overall, of the 195 companies in the S&P 500 that have reported second-quarter earnings so far, nearly 91% have beaten estimates. The Federal Reserve said it was not yet time to start withdrawing its massive pandemic-era monetary stimulus. The Fed indicated that it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward its maximum employment and price stability goals. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 109.20 and take profit 109.60.
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