12 June 2023, USD/JPY
USDJPY trading plan:
A U.S. stocks rally is showing signs of expanding beyond the cluster of giant growth and tech names that have led gains this year, as investors reposition portfolios primed for a widely expected recession. Improving investor sentiment was evident in the latest Investor’s Intelligence report showing the percentage of bulls increased to 51.3% from 23.3%, which is the lowest percentage since early January 2022. Meanwhile, the VIX measure of implied volatility closed below 14 last week for the first time in over three years, either a sign of complacency or rising chances of a soft landing, or both. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: buy 139.10 and take profit 140.00.
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