13 May 2021, USD/JPY
USDJPY trading plan:
Republican leaders told President Joe Biden, they oppose any tax hikes to fund an economic recovery from the coronavirus pandemic, in a blow to the Democrat’s plans to spend trillions of dollars on U.S. infrastructure, education and childcare. In their first White House meeting since Biden took office in January, Senate Republican leader Mitch McConnell and House of Representatives Republican leader Kevin McCarthy signaled a willingness to work with the president on infrastructure but drew the line at tax increases. That is a setback to the White House’s efforts to have Congress approve a $2.25 trillion infrastructure bill and a $1.8 trillion education and childcare plan. This is a positive signal for the US stock market and USDJPY, as the assets are correlated with each other.
Investment idea: buy 109.47 and take profit 109.91.
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