$SPY USDJPY breaking 3 year downtrend

Dolar A.S. / Yen Jepun (FX:USDJPY)

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FX:USDJPY Dolar A.S. / Yen Jepun

trendanalysis chartpattern indicator spx500 spy yen usdjpy forex

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

Komen:

USDJPY not falling apart was a tell that downtrend in equities will be a short lived

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