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Correlation between USDJPY and #SP500

Correlation between USDJPY and #SP500 | 02 September 2020

02 September 2020, USD/JPY

USDJPY trading plan:

A bullish rally on the U.S. stock market will have a positive impact on the value of USDJPY. The ISM said its index of national factory activity increased to a reading of 56.0 last month from 54.2 in July. That was the highest level since November 2018 and marked three straight months of growth. The ISM's forward-looking new orders sub-index increased to a reading of 67.6 in August, the strongest since January 2004, from 61.5 in July. Fifteen industries reported an increase in demand. Only one industry said orders declined. This is a positive signal for the stock market!

Trading recommendation: Buy 105.85 and take profit 106.35.

David Johnson
Analyst of «FreshForex» company
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