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Correlation between USDJPY and stock markets

Correlation between USDJPY and stock markets | 04 March 2022

04 March 2022, USD/JPY

USDJPY trading plan:

Asian and European equities slumped after news of a fire near a Ukraine nuclear facility following fighting with Russian forces heightened investor fears about the escalating conflict and sent oil prices higher. The risk-off appetite battered markets across the region. Investors sought refuge in safe-haven U.S. Treasuries, sending yields on benchmark 10-year yields as much as 14 basis points lower to 1.7%. Federal Reserve Chair Jerome Powell repeated his comments that he would back an initial quarter percentage point increase in the bank's benchmark rate. This is a bad signal for the stock market and USDJPY, which has a correlation with the shares.

Investment idea: sell 115.75 and take profit 115.15.

David Johnson
Analyst of «FreshForex» company
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