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

USDJPY trading plan:

President Joe Biden will announce later Friday a $6 trillion budget for 2022 to ensure investments in major infrastructure, education and healthcare projects. If this manages to get through a divided Congress, it would take federal spending to its highest levels since World War II. The budget proposal came as the U.S. economic recovery appears to gain momentum. On Thursday, the number of Americans filing new claims for unemployment benefits dropped to a post-pandemic low of 406,000, ahead of next week’s widely-watched monthly June payrolls data. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 109.85 and take profit 110.25.