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Correlation between USDJPY and #SP500

Correlation between USDJPY and #SP500 | 13 July 2021

13 July 2021, USD/JPY

Correlation between USDJPY and #SP500

USDJPY trading plan:

China posted a trade surplus of $51.53 billion for last month, compared with the poll’s forecast for a $44.2 billion surplus and the $45.54 billion surplus in May. Asia’s economic powerhouse has contained a sporadic coronavirus outbreak in one of its major export hubs in southern Guangdong province last month. However, exporters are grappling with higher raw material and freight costs and logistics bottlenecks. Prices for commodities such as coal, steel, iron ore and copper have surged this year, fuelled by easing pandemic lockdowns in many countries and ample global liquidity. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 110.15 and take profit 110.65.

David Johnson
Analyst of «FreshForex» company
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