Forex Daily Analysis : January 20, 2021

Forex daily analysis for January 20, 2021 today discusses the Japanese Yen which strengthened versus the US Dollar in Asian session trading today, Wednesday (January 20, 2021). The strengthening of the Japanese currency is due to a limited weakening in the US Dollar, in addition to an increase in investment switching by market participants. Investors choose risky assets such as stocks and other risky assets. Interest in risk assets occurs due to the large amount of Covid-19 relief fund stimulus plan in the US. The purchase of the Japanese Yen is expected to continue. At the same time, the US dollar weakened in Wednesday trading in the Asian session, this is because investors began to digest comments on large budget spending by US Treasury Secretary candidate in Joe Biden's cabinet, Janet Yellen. Treasury secretary Yellen is trying to urge Congress to take concrete action with Covid-19 help and not worry too much about the further swelling of the US debt value, Yellen said during a hearing in front of the Senate Finance Committee on Tuesday. Yellen promised to increase the stimulus amount, saying that it was time to "spend a lot of money" and that she was ready to use any means to tackle China's abusive and unfair practices. He also said that wanting to reverse some incentives into offshoring, weighing on the index, which in turn would stop the weakening of the US Dollar. On the other hand, regarding the number of Corona virus sufferers who are increasingly worried, although the number of new cases in the United Kingdom and the United States continues to decline, even though there are the latest reports of the latest type of Corona cases around more than 33,000 new infections in the last 24 hours and the death toll has touched more than 400,000 deaths.

Forex Daily Analysis Predictions

Today's FOREX prediction on the USDJPY pair is expected to strengthen/decline and the recommended OP (Open Position) is SELL at the level of 103,700. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily analysis of forex on January 20, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.