Correlation between USDJPY and the US stock market | 28 Abril 2021

28 Abril 2021, USD/JPY

USDJPY trading plan:

U.S. consumer confidence jumped to a 14-month high in April as increased vaccinations against COVID-19 and additional fiscal stimulus allowed for more services businesses to reopen, boosting demand and hiring by companies. The survey from the Conference Board on Tuesday, which showed a strong increase in vacation plans, suggested the economy continued to power ahead early in the second quarter after what appears to have been robust growth in the first three months of the year, believed by many economists to have been the second strongest since 2003. Growth this year is expected to be the best in nearly four decades. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 108.60 and take profit 109.05.

David Johnson
Analyst of «FreshForex» company
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