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Correlation with the stock market

Correlation with the stock market | 23 May 2023

23 May 2023, USD/JPY

USDJPY trading plan:

Japan's manufacturing activity expanded for the first time in seven months in May, while the service-sector hit record growth, a fresh survey showed. Output and new orders also returned to expansion territory for the first time since last June. Manufacturers in the survey suggested supply chain disruption brought by the pandemic which battered the sector showed signs of improvement. Service-sector activity expanded at the strongest pace on record in May led by the restart of both domestic and international tourism and continued recovery from pandemic disruptions, the survey showed. This is a good signal for the Japan stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 138.00 and take profit 138.77.

David Johnson
Analyst of «FreshForex» company
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