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The correlation between USDJPY and the stock market

The correlation between USDJPY and the stock market | 24 January 2020

24 January 2020, USD/JPY

The correlation between USDJPY and the stock market

USDJPY trading plan:

The European Central Bank left its policy unchanged and launched a "strategic review" of its inflation goal and tools. It reaffirmed its pledge to keep rates at rock bottom or even cut them, while also buying bonds at 20 billion euros per month, until inflation in the euro zone headed back to its target of just under 2%. This is a good signal for the stock market and USD JPY, which has a correlation with the shares. The number of Americans filing for unemployment benefits increased less than expected last week. Labor market strength is underpinning consumer spending, helping to keep the longest economic expansion on record. This is a positive signal for the dollar!

Trading recommendation: Buy 109.44 and take profit 109.88.

David Johnson
Analyst of «FreshForex» company
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