Inverse correlation between USDJPY and Gold | 19 Februari 2021

19 Februari 2021, USD/JPY

Inverse correlation between USDJPY and Gold

USDJPY trading plan:

Gold was down on Friday morning in Asia, hitting its lowest level in nearly three months and its worst week since late November 2020, with strengthening U.S. Treasury yields putting a dent in the non-yielding yellow metal’s appeal. Benchmark U.S. Treasury yields continued an upward trend, after hitting a near one-year peak. Meanwhile, Swiss customs data released on Thursday said that monthly gold exports to China and Hong Kong remained at record lows. This is positive news for USDJPY, as the currency pair has an inverse correlation with gold.

Investment idea: Buy 105.50 and take profit 105.95.

David Johnson
Analyst of «FreshForex» company
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