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Correlation with stock markets

Correlation with stock markets | 30 November 2021

30 November 2021, USD/JPY

Correlation with stock markets

USDJPY trading plan:

Japan's industrial output rose in October for the first time in four months as re-opening of Asian factories eased supply constraints for automakers. Factory output grew 1.1% from the previous month in October, government data showed, marking the first increase since June. Carmakers offset shrinking production in sectors such as chemical, steel and electronic components and devices. The Bank of Japan's Dec. 16-17 rate-review is set to see no change in its ultra-easy policy but it may decide whether to extend pandemic-relief lending programmes beyond the current March 2022 deadline. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 112.97 and take profit 113.78.

David Johnson
Analyst of «FreshForex» company
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