USDJPY – Down
USDJPY trading plan:
U.S. tax code changes sought by Democrats in the House of Representatives to help fund $3.5 trillion in domestic investments would cut annual tax bills for Americans earning less than $200,000 a year through 2025, a congressional estimate showed. The joint committee, which estimates tax revenue and credit provisions of legislation, estimated that tax increase proposals now under debate in the House Ways and Means Committee would directly raise some $2.07 trillion over 10 years. The plan would raise the top individual income tax rate to its pre-2017 level of 39.6%, from 37% currently, on taxable income above $400,000 with a 3% surcharge on income above $5 million. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.
Investment idea: sell 109.90 and take profit 109.41.
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You may check other analytical reviews on FreshForex website. Source: freshforex.com.