11 August 2021, USD/JPY
USDJPY trading plan:
Treasury Secretary Janet Yellen this week urged Congress to raise the debt limit in a bipartisan vote. On Tuesday, Yellen also endorsed moving forward with the larger spending package, saying the $1 trillion infrastructure plan should have a sequel. The bill includes $550 billion in new spending, as well as $450 billion in previously approved infrastructure investment. The bill have been a top priority for Biden, who has sought to enact sweeping changes during a time when his Democratic party narrowly controls both congressional chambers and where they fear loss of legislative control in the looming 2022 elections. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 110.35 and take profit 110.95.
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