02 November 2021, USD/JPY
USDJPY trading plan:
China’s cabinet issued guidelines to develop consumer services, including increased financial support for small firms providing catering, accommodation, childcare, healthcare and services for the elderly. The statement comes as China steps up efforts to meet the needs of a broad spectrum of people in society under President Xi Jinping’s banner of “common prosperity”, with a focus on narrowing gaps in social well-being between rural and urban areas. In its statement, the State Council said that on the fiscal side, local governments are also being urged to follow through on related tax incentives, and public services infrastructure projects, with decent yields, can be included in projects that are funded by local government special bonds. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: Buy 113.52 and take profit 114.17.
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