02 December 2021, USD/JPY
USDJPY trading plan:
A downtrend in the gold market will have a positive impact on the value of USDJPY, since assets have an inverse correlation. Fed Chair Jerome Powell said the central bank needs to be ready to respond to the possibility that inflation may not recede in the second half of 2022. Gold is often considered an inflation hedge, though reduced stimulus and interest rate hikes push government bond yields up, translating into a higher opportunity cost for holding bullion, which pays no interest. The more hawkish shift in rhetoric from Powell really seems to be overshadowing for gold any bullish December seasonality factors and any bullish Impulse from the Omicron virus.
Investment idea: buy 112.90 and take profit 113.77.
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