Correlation between USDJPY and S&P500 | 02 July 2021

USDJPY trading plan:

The bullish rally on the U.S. stock market is positive for USDJPY, as assets are correlated with each other. Jobless claims continued their downward trajectory according to the Labor Department, touching their lowest level since the pandemic shutdown, and a report from Challenger, Gray & Christmas showed planned layoffs by U.S. firms were down 88% from last year, hitting a 21-year low. Of the 11 major sectors in the S&P 500, energy enjoyed the largest percentage gain. Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio. The S&P 500 posted 31 new 52-week highs and no new lows. This is a positive signal for the stock market.

Investment idea: buy 111.38 and take profit 111.75.