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Correlation of USDJPY and stock markets

Correlation of USDJPY and stock markets | 31 December 2019

31 December 2019, USD/JPY

Correlation of USDJPY and stock markets

USDJPY trading plan:

We are expecting a downtrend to develop. A bearish rally in stock markets will have a negative impact on the value of USDJPY. White House trade adviser Peter Navarro said the pact was likely to be signed in the next week but confirmation would come from President Donald Trump or U.S. Trade Representative Robert Lighthizer. Investors take profits on long positions. Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio. We are expecting the U.S. stock index S&P500 to decline to the psychological level of 3200.

Trading recommendation: Sell 108.98 and take profit 108.67.

David Johnson
Analyst of «FreshForex» company
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