The correlation between USDJPY and the stock markets | 21 January 2020

21 January 2020, USD/JPY

The correlation between USDJPY and the stock markets

USDJPY trading plan:

We are expecting a bullish rally on the stock markets that will have a positive impact on the value of USDJPY. The Bank of Japan kept monetary policy steady and nudged up its economic growth forecasts. This is a positive signal for stock markets! The BOJ kept its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%. The BOJ also signaled cautious optimism over the global economy after the United States and China agreed on a preliminary deal to defuse their bitter trade war.

Trading recommendation: Buy 109.90 and take profit 110.33.

David Johnson
Analyst of «FreshForex» company
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