The positive signal for Asian financial markets | 19 اكتوبر 2021

USDJPY trading plan:

China's yuan leapt to a four-month high against the dollar, aided by market expectations that the stresses in the domestic property sector as well as Sino-U.S. tensions are easing. The rise in the yuan in onshore and offshore markets followed weaker-than-expected Chinese economic growth data, but after China's central bank calmed markets late last week saying spillover effects from the China Evergrande Group's debt woes were controllable. The yuan was supported by heavy corporate clients' conversion of their dollars as they took advantage of broad dollar weakness, after the latter was knocked back by weak U.S. factory data overnight. This is a positive signal for Asian financial markets!

Investment idea: buy 113.82 and take profit 114.33.