17 December 2021, USD/JPY
USDJPY trading plan:
A bullish rally on the U.S. stock market will have a positive impact on the value of this currency pair, as assets correlate with each other. Last week was one of the best weeks of the year for stocks, and that could be a good sign. It turns out that big weeks like last week usually have the bulls smiling. 23 out of the past 25 times the S&P 500 Index gained at least 3.8% in a week. We are nearing by the end of December, which historically is when stocks tend to do well during this usually bullish month. The seven of the eleven major S&P 500 sector indexes were higher, with economy-focused financials, energy and materials leading the way. This is a positive signal!
Investment idea: buy 113.43 and take profit 114.02.
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