Started to draw on USDJPY cycles, noticed a double top and a paralele channel down. Wondering if it would hold I look at USDCAD for correlation which may indicate USD weakness when the correlate positive and both depreciate.
Looking for USDJPY targets I extended a diagonal trend line with lots of price action. Adding USDCAD using the baseline style reduces the distraction on USDJPY. Another great visualization tools brought to you by our highly professional TradingView team.
Lastly to confirm USDJPY and USDCAD correlation drawn by the CC indicator below I noticed an increase of positive correlation between the two, as indicated by the double arrow horizontal time span markers.
Note the horizontal line targets for long first then short..
Looking for USDJPY targets I extended a diagonal trend line with lots of price action. Adding USDCAD using the baseline style reduces the distraction on USDJPY. Another great visualization tools brought to you by our highly professional TradingView team.
Lastly to confirm USDJPY and USDCAD correlation drawn by the CC indicator below I noticed an increase of positive correlation between the two, as indicated by the double arrow horizontal time span markers.
Note the horizontal line targets for long first then short..
