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Correlation between USDJPY and stock markets

Correlation between USDJPY and stock markets | 02 May 2022

02 May 2022, USD/JPY

Correlation between USDJPY and stock markets

USDJPY trading plan:

China's factory activity contracted at a steeper pace in April. The official manufacturing Purchasing Managers' Index fell to 47.4 in April from 49.5 in March, in a second straight month of contraction, the National Bureau of Statistics said. That was the lowest since February 2020. The headline PMI reading, combined with an even sharper crimp in services, offered the first clues into the performance of an economy ravaged by expanding COVID curbs, such as an extended shutdown of the commercial hub, Shanghai. Some companies face difficulties in key raw material and component supplies, finished products sales and rising inventories. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: sell 130.65 and take profit 129.97.

David Johnson
Analyst of «FreshForex» company
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