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Correlation between USDJPY and #SP500

Correlation between USDJPY and #SP500 | 19 August 2020

19 August 2020, USD/JPY

Correlation between USDJPY and #SP500

USDJPY trading plan:

Democrats and Republicans are negotiating a new $ 1.5 trillion stimulus package. Both sides said over that the talks are proceeding positively and there is a high likelihood of reaching a consensus this week. Democrats of the House of Representatives of the US Congress are ready to halve funding for the previously proposed stimulus package in the amount of $3 trillion. They explained that they are ready to take this step in order to reach an agreement with the White House on a new stimulus package. The American stock market has renewed its historical maximum today, and we expect the upward trend to continue. This is a good signal for the stock market and USD JPY, which has a correlation with the shares.

Trading recommendation: Buy 105.10 and take profit 105.55.

David Johnson
Analyst of «FreshForex» company
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