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Correlation between USDJPY and the US stock market

Correlation between USDJPY and the US stock market | 07 May 2021

07 May 2021, USD/JPY

USDJPY trading plan:

Financials and industrials led rally in U.S. shares after a report showed the number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started, signaling the labour market recovery entered a new phase amid a booming economy. Fed Chair Jerome Powell has argued the labour market is far short of where it needs to be to start talking of tapering asset purchases. The central bank has said it will not raise its benchmark Fed funds rate through 2023. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 109.00 and take profit 109.40.

David Johnson
Analyst of «FreshForex» company
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