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The bullish rally on the U.S. stock market

The bullish rally on the U.S. stock market | 23 July 2021

23 July 2021, USD/JPY

The bullish rally on the U.S. stock market

USDJPY trading plan:

The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY, since the assets are correlated with each other. All three major U.S. stock indexes currently stand within 0.5% of their record closing highs. Second-quarter reporting season barreled ahead at full-throttle, with 104 of the companies in the S&P 500 having reported. Of those, 88% have beaten consensus estimates, according to Bloomberg. Market participants are closely watching labor market indicators for hints as to when the Federal Reserve, expected to convene next week for its two-day monetary policy meeting, will begin discussions about hiking key interest rates from near zero.

Investment idea: buy 110.06 and take profit 110.49.

David Johnson
Analyst of «FreshForex» company
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