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Correlation between USDJPY and the US stock market

Correlation between USDJPY and the US stock market | 26 April 2021

26 April 2021, USD/JPY

Correlation between USDJPY and the US stock market

USDJPY trading plan:

U.S. private sector businesses registered a survey record expansion of output during April. A steep upturn in manufacturing production occurred despite unprecedented supply chain disruptions, while services activity growth hit a new high. Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 62.2 in April, up from 59.7 in March, to reach the highest since data collection began in October 2009. New order growth accelerated again in April, with firms noting the strongest upturn on record. The reopening of large portions of the economy following an easing in lockdown measures led to firmer client demand. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 107.25 and take profit 107.75.

David Johnson
Analyst of «FreshForex» company
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