The rise in Beijing infections | 03 November 2021

USDJPY trading plan:

China's new locally transmitted COVID-19 cases spiked to a near three-month high and tighter curbs to contain the spread are expected in the capital Beijing ahead of a key gathering of the highest-ranking members of the Communist Party next week. Temperature screening has been set up at entrances of shopping malls, supermarkets, hotels, cinemas and subway stations, while a legion of personnel on the ground check the health codes of visiting individuals on their mobile phones. Beijing authorities have also repeatedly told residents to refrain from travelling out of the city, postpone weddings, simplify funeral arrangements, and cut back on all non-essential gatherings. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: Sell 114.05 and take profit 113.60.