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Correlation between USDJPY and #SP500

Correlation between USDJPY and #SP500 | 08 October 2021

08 October 2021, USD/JPY

USDJPY trading plan:

U.S. Treasury yields rose as market positioning ahead of the September employment report and a risk-on sentiment sparked by a stopgap debt ceiling plan in Congress pushed debt prices lower. The U.S. Senate was preparing to take up a $480 billion increase in the debt ceiling to avert a debt default when the government expects to run out of cash around Oct. 18. U.S. Federal Reserve policymakers have their eyes on the jobs data as they determine when to start reducing the central bank's $120 billion of monthly bond purchases. According to survey of traders, nonfarm payrolls likely rose by 500,000 jobs last month with the unemployment rate expected to dip to 5.1% from 5.2% in August. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 111.62 and take profit 112.07.

David Johnson
Analyst of «FreshForex» company
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