09 July 2021, USD/JPY
USDJPY trading plan:
The Olympics will take place without spectators in host city Tokyo, organisers said, as a resurgent coronavirus forced Japan to declare a state of emergency in the capital that will run throughout the event. Prime Minister Yoshihide Suga said it was essential to prevent Tokyo, where the highly infectious Delta COVID-19 variant was spreading, from becoming the source of another wave of infections. The government's drive to hold the Olympics even as the epidemic worsens has alienated much of the Japanese public and sparked concern among sponsors about a consumer backlash. The BOJ will likely cut the current year's growth forecast in fresh quarterly and inflation projections. This is a negative signal for the Japanese yen.
Investment idea: buy 109.85 and take profit 110.35.
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