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Correlation with stock markets

Correlation with stock markets | 11 January 2023

11 January 2023, USD/JPY

Correlation with stock markets

USDJPY trading plan:

New bank lending in China unexpectedly rose in December from the previous month, central bank data showed, with 2022 setting a record high for lending as the central bank continued to support the COVID-ravaged economy. Chinese banks extended 1.4 trillion yuan in new yuan loans in December, up from November and beating analysts' expectations, according to data released by the People's Bank of China. As new loans came in higher than expected in December, there's a big hope of massive loan extension at the beginning of 2023, further boosting growth prospects. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 132.19 and take profit 132.60.

David Johnson
Analyst of «FreshForex» company
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