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.
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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.