17 February 2021, USD/JPY
USDJPY trading plan:
The U.S. bond yields gave the U.S. currency a boost. The ten-year yield rose 1.30% from around 1.20% at the end of the previous week. The move up in yields has been driven by increasing inflationary concerns amid a rise in energy prices along with the prospect of a big U.S. fiscal stimulus and the global recovery entering a more solid stage as vaccine roll out lead to the reopening of economies. Investors are more optimistic about a global recovery from COVID-19. Countries continue to make progress on vaccine rollouts and the number of cases is also slowing down globally, with the increased optimism leading to a more than 5% drop in gold so far in 2021. This is a positive signal for USDJPY!
Investment idea: Buy 105.80 and take profit 106.12.
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