Correlation between the Japanese Yen and gold | 08 Marzo 2022

USDJPY trading plan:

A bullish rally in the precious metals market will have a positive impact on the value of the Japanese yen, as the actors correlate with each other. How gold performs rest of this week and next week could depend much on Thursday’s Consumer Price Index reading for February and the March 15-16 meeting of the Federal Reserve’s policy-making Federal Open Market Committee, which will decide the first pandemic-era rate hike. The so-called CPI grew 7.5% year-on-year in January — already the highest in 40 years. The consensus for February is a 7.9% year-on-year growth. High inflation will have a positive impact on the value of gold.

Investment idea: sell 115.80 and take profit 115.19.