29 January 2021, USD/JPY
USDJPY trading plan:
The demand for gold fell to its lowest since 2009, according to the World Gold Council. “The coronavirus pandemic, with its far-reaching effects, was the driving factor behind weakness in consumer demand throughout 2020, culminating in a 14% decline in annual demand to 3,759.6t, the first sub-4,000t year since 2009,” the London-based organization said. This is a positive signal for USD JPY, as the currency pair has an inverse correlation with gold. Surplus reserves of American commercial banks have increased by $8.38 billion over the past week, which allows bankers to increase the volume of speculation in the stock market. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: Buy 104.30 and take profit 104.62.
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