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Correlation between S&P500 and USDJPY

Correlation between S&P500 and USDJPY | 16 June 2020

16 June 2020, USD/JPY

Correlation between S&P500 and USDJPY

USDJPY trading plan:

The bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. The Federal Reserve Bank of New York’s general business conditions index advanced to minus 0.2 from minus 48.5 a month earlier. New York manufacturers also grew more upbeat about economic conditions over the next six months. The Federal Reserve said that it will begin buying individual corporate bonds under its Secondary Market Corporate Credit Facility, an emergency lending program that to date has purchased only exchange-traded funds. The central bank also added a twist to its buying strategy, saying it would follow a diversified market index of U.S. corporate bonds created expressly for the facility. This is positive news for the stock market!

Trading recommendation: Buy 107.33 and take profit 107.65.

David Johnson
Analyst of «FreshForex» company
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