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Correlation with stock markets | 11 October 2022

11 October 2022, USD/JPY

USDJPY trading plan:

China's services activity in September contracted for the first time in four months, as COVID-19 restrictions dented already fragile demand and dimmed business confidence, a private-sector business survey showed. The Caixin services purchasing managers' index fell to 49.3 from 55.0 in August as COVID containment measures disrupted supply and demand and restricted national travel. An official survey published last week also showed services activity slowing, although its reading remained slightly above the 50-point mark that separates growth from contraction on a monthly basis. China's economy showed signs of improvement in August with faster-than-expected growth in factory output and retail sales, but is being held back by protracted COVID curbs and a worsening property slump. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: sell 146.19 and take profit 145.50.

David Johnson
Analyst of «FreshForex» company
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