Correlation between USDJPY and the U.S. stock market | 23 August 2021

23 August 2021, USD/JPY

Correlation between USDJPY and the U.S. stock market

USDJPY trading plan:

U.S. states can use federal pandemic-related funds passed this year to extend unemployment aid, President Joe Biden's administration said, saying the Delta variant impact on some local economies may mean people need help for longer. COVID-19 deaths in the United States reached a five-month high this week, with cases most prevalent in the U.S. South as the highly contagious Delta variant continued to spread. "There are some states where it may make sense for unemployed workers to continue receiving additional assistance for a longer period of time, allowing residents of those states more time to find a job in areas where unemployment remains high," U.S. Treasury Secretary Janet Yellen and U.S. Labor Secretary Martin Walsh told congressional leaders in a letter. This is a good signal for the U.S. stock market and USDJPY, which has a correlation with the shares.

Investment idea: buy 109.77 and take profit 110.19.

David Johnson
Analyst of «FreshForex» company
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