07 Marzo 2022, USD/JPY
USDJPY trading plan:
Geopolitical worries are clouding the outlook for U.S. stocks. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares. Traders have virtually priced out the chances of a hefty 50 basis point rate hike in March, giving a lift to the technology and growth stocks that had been pummeled in recent weeks by anticipation of harsh Fed tightening. Meanwhile, geopolitical concerns have propelled oil prices, prompting fears of slower growth and higher inflation over the long term. U.S. crude prices topped $115 a barrel this week and hit their highest levels since 2008. This is a negative signal for the stock market.
Investment idea: sell 115.00 and take profit 114.59.
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