03 February 2021, USD/JPY
USDJPY trading plan:
U.S. Senate took steps to allow Democrats to pass Biden's package without Republican support. The U.S. Treasury yield curve continued to steepen in Asian trading, reflecting expectations for more fiscal spending and growing economic optimism. The difference between the yield in two-year and 10-year Treasuries, the most-closely watched part of the yield curve, widened to 99.5 basis points. The roll-out of vaccines in many countries is gathering pace, earnings season in the United States and Japan has so far been favourable, and oil prices are at their highest in a year, which are all positive signs for the global economy. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: Buy 108.80 and take profit 105.15.
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