Correlation between USDJPY and the U.S. stock market | 10 February 2020

USDJPY trading plan:

We are expecting a bullish rally on the U.S. stock market which will have a positive impact on the value of USDJPY. The U.S. economy continued to do a good job with job creation in January. Nonfarm payrolls for the month rose by 225,000, up from a rise of 145,000 in December. This was well ahead of the expected 165,000, according to economists’ forecasts. Average hourly earnings, a measure of wage inflation, rose 0.2% in January, and were up 3.1% year on year. This was well ahead of the expected 3%, according to economists’ forecasts. This is a positive signal for the stock market!

Trading recommendation: Buy 109.68 and take profit 110.05.

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