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U.S. Dollar / Japanese Yen

$SPY USDJPY breaking 3 year downtrend

By dzhudzhyn
Updated
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
Note
USDJPY not falling apart was a tell that downtrend in equities will be a short lived
Chart PatternsForexTechnical IndicatorsS&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend AnalysisUSDJPYyen
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