Ice_

USDJPY is finally distancing itself form SPX500

FX:USDJPY   U.S. Dollar/Japanese Yen
SPX500 and the USDJPY were highly correlated in the past month, but that seems to be fading away slowly. Although the S&P500 has been recovering from the lows, the USDJPY shows no sign of recovery at all. That should be taken as a bearish call for the dollar as it stands.

But: Looking at related ideas below you can see my FED Triangle Breakout chart. If the dollar index             shows a strong rejection at the demand level , we could see a new rally for this pair, which will make it again correlated with the US equities index again. Both scenarios are plausible.
Trade active
Tough call because on one hand fx traders have given up on a rate hike for USD; other hand world markets seem to be stabilizing which means no more safe haven yen. It will probably stay range bound until something big happens, then we could play the breakout.
+1 Reply
Ice_ asiansupermarket
The problem is that yen is too strong for a falling dollar. I'm still short.
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