Putting CAD/JPY & GBP/JPY Correlation Back On Again

FX:CADJPY   Canadian Dollar / Japanese Yen
The Trade: Long CAD/JPY             & Short GBP/JPY            

The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 620 Pips apart. The GBP/JPY             has enjoyed a nice run-up lately which may be stretched, bumping up against some near term resistance.

With that said we will be entering 1/2 our intended position size with the intentions of easing into the second half if the spread widens significantly. We expect to see this spread narrow over the coming days/weeks. If it happens before we can put our entire position on we will feel comfortable closing out the position with a profit of any amount.
Yes i agree that CADJPY is a long. My target is around 103.47
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