Correlation between the gold and the Japanese yen | 23 Juli 2020

23 Juli 2020, USD/JPY

Correlation between the gold and the Japanese yen

USDJPY trading plan:

Good and bad news. A bullish rally in the gold market signals the development of a downtrend. Gold and the Japanese yen are correlated. The record inflows into gold-backed exchange-traded funds they have a positive impact on the price of gold. The report from the US National Association of Realtors showed house prices rising to an all-time high last month, confirmed a shift toward bigger homes and properties away from urban centers as companies allow employees flexibility to work from home because of the COVID-19. This is positive news for the dollar!

Trading recommendation: range 106.74 -107.45.

David Johnson
Analyst of «FreshForex» company
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