11 January 2021, USD/JPY
USDJPY trading plan:
A bullish rally in the US stock market will have a positive impact on the value of USDJPY, as assets are correlated with each other. A backstop of nearly $900 billion in stimulus approved by the government last week, positive vaccine data and expectations of a bigger fiscal package and infrastructure spending under Democratic-led U.S. Congress have pushed Wall Street's main indexes to all-time highs. The party in control is going to want to inject a lot of stimulus and spending into the economy which in the near-term will be good for economic growth and the stock market.
Investment idea: Buy 103.79 and take profit 104.20.
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