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Correlation between USDJPY and stock markets

Correlation between USDJPY and stock markets | 24 January 2022

24 January 2022, USD/JPY

Correlation between USDJPY and stock markets

USDJPY trading plan:

The major equity markets finished the week lower as inflation, higher interest rates, and tighter Federal Reserve policy continue to be front and center on traders’ minds. The benchmark S&P 500 posted its third straight week of declines, ending 8.3% down from its early January record high. Losses also deepened for the Nasdaq after the tech-heavy index earlier in the week confirmed it was in a correction, closing down over 10% from its November peak. The Nasdaq has now fallen 14.3% from its November peak and on Friday closed at its lowest level since June. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: sell 114.00 and take profit 113.51.

David Johnson
Analyst of «FreshForex» company
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