21 Octubre 2021, USD/JPY
USDJPY trading plan:
Property giant China Evergrande Group will join the list of biggest ever emerging market corporate debt defaults if it doesn't make an already-overdue bond payment by Monday, Oct. 25. Evergrande - the world's most indebted property firm - has $19 billion worth of bonds on international capital markets. Evergrande formally abandoned plans to sell a $2.6 billion stake in one of its key units on Wednesday, as Beijing officials went out in force to say the problems would not spin out of control. Worries that a cash crunch at Evergrande, whose liabilities equal to 2% of China's gross domestic product, could cause economic contagion have resulted in its debt-laden peers being hit with a wave of credit rating downgrades, while some smaller have already defaulted on their bonds. This is a negative signal for the Asian currency and a positive signal for the dollar.
Investment idea: buy 113.79 and take profit 114.31.
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