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The bullish rally on the U.S. stock market

The bullish rally on the U.S. stock market | 14 July 2021

14 July 2021, USD/JPY

USDJPY trading plan:

The bullish rally on the US stock market will have a positive impact on the value of the USDJPY currency pair, since the assets are correlated with each other. Fed monetary support has been a critical for markets as the benchmark S&P 500 index has soared over 95% since March 2020. Any signs of a faster-than-expected unwind of the Fed’s policies in order to curtail inflation, such as a tapering of its bond-buying program, stand to rattle asset prices. A BofA Global Research survey of fund managers taken earlier this month found that 70% believed the spike in inflation was transitory, with 26% saying it would be longer lasting.

Investment idea: buy 110.33 and take profit 110.78.

David Johnson
Analyst of «FreshForex» company
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