Correlation between USDJPY and S&P500 | 10 January 2020

USDJPY trading plan:

A bullish rally in the U.S. stock market will have a positive impact on the value of USDJPY. New applications for U.S. jobless benefits fell more than expected last week. Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 214,000 for the week ended Jan. 4, said the Labor Department. This is a positive signal for the stock market! U.S. stocks hit record highs on Thursday. U.S. President Donald Trump on Thursday said his administration will start negotiating the Phase 2 U.S.-China trade agreement soon but that he might wait to complete any agreement until after November's U.S. presidential election.

Trading recommendation: Buy 109.44 and take profit 109.88.