05 January 2021, USD/JPY
USDJPY trading plan:
U.S. manufacturing activity picked up at its briskest pace in more than six years in December, extending a recovery in the factory sector that has spurred the strongest pricing environment for goods producers since 2011. IHS Markit said its manufacturing PMI climbed to 57.1 in December from 56.7 in November. With output moderating to 58.3 last month from 59.2 in November, the headline index's improvement was driven largely by a strong pricing environment, IHS Markit said. "Amid a significant deterioration in vendor performance, cost burdens and selling prices soared, as firms sought to partially pass on higher input prices," IHS Markit said in a statement. "Output expectations moderated slightly, however, as the post-election spike eased and virus cases surged once again."
Investment idea: Buy 102.70 and take profit 103.17.
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