Correlation between USDJPY and SP500 | 29 September 2020

29 September 2020, USD/JPY

Correlation between USDJPY and SP500

USDJPY trading plan:

The House Speaker Nancy Pelosi suggested a deal to roll out more aid was still on the table. Hope for further stimulus from Congress comes after Pelosi said Democrats would move ahead with a smaller $2.4 trillion. The fiscal package would include unemployment benefits, direct payments to households and small business loans as well as aid for airlines. The new incentives will be well received by investors in the stock market. The S&P 500 posted 6 new 52-week highs and no new lows; the Nasdaq Composite recorded 41 new highs and 25 new lows. This is a good signal for the stock market and USD JPY, which has a correlation with the shares.

Trading recommendation: Buy 105.35 and take profit 105.80.

David Johnson
Analyst of «FreshForex» company
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