04 August 2021, USD/JPY
USDJPY trading plan:
Stronger-than-expected profit reports from U.S. companies in recent weeks have ratcheted up already high Wall Street forecasts on how second-quarter earnings growth will look versus last year. The earnings at S&P 500 firms are now estimated to have climbed about 90% in the second quarter versus forecasts of 65.4% at the start of July. New orders for U.S.-made goods increased more than expected in June, while business spending on equipment was solid, pointing to sustained strength in manufacturing even as spending is shifting away from goods to services. Ten of the 11 S&P indexes were trading higher. The S&P index recorded 52 new 52-week highs and three new lows. The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY, since the assets are correlated with each other.
Investment idea: buy 108.80 and take profit 109.30.
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