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Correlation between USDJPY and #SP500

Correlation between USDJPY and #SP500 | 12 July 2021

12 July 2021, USD/JPY

Correlation between USDJPY and #SP500

USDJPY trading plan:

The People’s Bank of China cut its reserve requirement ratio - the money banks have to park at the central bank for safety - by 50 basis points. It is the first such step since April last year when COVID was rapidly spreading around the world. Just as significantly, it ends nine months of gradual policy tightening by authorities eager to prevent credit growth getting out of control. The three major U.S. stock indexes rallied to record closing highs on Friday. This is a good signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 109.95 and take profit 110.45.

David Johnson
Analyst of «FreshForex» company
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