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The correlation between USDJPY and the stock market

The correlation between USDJPY and the stock market | 07 April 2020

07 April 2020, USD/JPY

USDJPY trading plan:

The United States, Italy and Spain reported declining case figures COVID-19. South Korea’s KOSPI gained 1.69% as Samsung Electronics announced a first-quarter profit of around $5.2 billion, slightly above forecasts. Neighboring Japan’s Nikkei 225 gained 2% as Prime Minister Abe announced a JPY 39 trillion stimulus package ahead of declaring a state of emergency. To facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program, the Federal Reserve will establish a facility to provide term financing backed by PPP loans. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Trading recommendation: Buy 108.77 and take profit 109.20.

David Johnson
Analyst of «FreshForex» company
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