plotted SPY chart on top of this 6 year USDJPY chart where correlation between these two are pretty significant. looks like USDJPY broke its 3 year downtrend in August which started 2015. If it can resume its uptrend and breakout from this 108-114 range, it would become strong tailwind for US equities. as of Friday 11/4, this pair closed above all its daily MAs but right at 200WMA. lets see what it will do from here
Comment:
USDJPY not falling apart was a tell that downtrend in equities will be a short lived