11 November 2021, USD/JPY
USDJPY trading plan:
Several bondholders of China Evergrande Group have received coupon payments from the indebted property developer, a source with knowledge of the matter said, and easing concerns about a potentially destabilizing default. Chinese media outlet Cailianshe earlier reported several bondholders have received interest payments of the three bond tranches that had a total of more than $148 million in interest payments due last month but which had a grace period. A failure to pay would have resulted in a formal default by the company and trigger cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world's second-largest economy. This is a good signal for the stock markets and USDJPY, which has a correlation with the shares.
Investment idea: Buy 113.53 and take profit 114.12.
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