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Correlation between S&P500 and USDJPY

Correlation between S&P500 and USDJPY | 08 November 2021

08 November 2021, USD/JPY

Correlation between S&P500 and USDJPY

USDJPY trading plan:

Wall Street's main indexes hit record highs in a broad-based rally, as data showing strong jobs growth in October, coupled with Pfizer's COVID-19 pill update, bolstered sentiment about economic growth. The Labor Department's report showed U.S. employment increased more than expected last month as COVID-19 infections over the summer subsided, although worker shortages continued to boost wage growth, with annual hourly earnings increasing to 4.9% in October. A stellar third-quarter reporting season, coupled with a cheery outlook on earnings growth as well as a central bank in no rush to hike interest rates, has boosted investor appetite for equities recently. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: Buy 113.40 and take profit 114.10.

David Johnson
Analyst of «FreshForex» company
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