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Inverse correlation between USDJPY and gold

Inverse correlation between USDJPY and gold | 04 March 2021

04 March 2021, USD/JPY

Inverse correlation between USDJPY and gold

USDJPY trading plan:

As more people get vaccinated and coronavirus infections come down, Chicago Federal Reserve Bank President Charles Evans said he is optimistic about the economic outlook and expects a "strong" rebound this year. Unemployment, now at 6.3%, will likely fall to closer to 5% by the end of the year, he said. Gold sales will have a positive impact on the value of USDJPY. The G-20 Global Industrial PMI reached 53.9% for the first time in three years, signaling the end of the coronavirus crisis and the transition of the global economy from recession to growth. This is a negative signal for gold, as the growth of the global economy will force investors to sell defensive assets.

Investment idea: buy 106.90 and take profit 107.30.

David Johnson
Analyst of «FreshForex» company
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