aceofswords
Long

USDJPY LONG, JUST TAKE A LOOK AT THESE CORRELATIONS

FX_IDC:GBPEUR   POUND STERLING / EURO
327 0 11
I've inverted EURGBP0.84% and EURAUD             to illustrate more clearly, when shown alongside JPN225             and CADJPY0.75% , my belief that despite the apparent weakness of the USDollar-0.41% , USDJPY             may still have some upside to come, which could take the price up to and beyond my initial TP of 120.492... I also see EURGBP0.84% falling, thus reinforcing my view. For reference, any correlation above +80% or -80% is viewed as very strong. whilst the upside may be comparatively nominal, my view is that this lack of follow through will finally signal a break out to the downside..... I see maximum upside risk capped at 120.90.... I will be posting EURGBP0.84% & Detailed USDJPY             charts in due course. I hope you find this info useful, these correlations are well worth noting for future reference.
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