You can’t just “write off” the Japanese Yen based in the recent weakness – and the massive efforts put forth by the Bank Of Japan. No matter how you slice it – the Yen “still represents” a safe haven currency based in fundamentals that will likely persist for many years to come.
When things get “tricky” the Yen is gonna get bought hand over fist – no matter what the BOJ wants.
Now…..in looking to draw some kind of intermarket correlation here…it’s simple – JPY bought = risk off.
As bizarre as this may all appear to newcomers – I am currently positioned “long JPY”…..so……
JPY going up = risk off. You can watch any number of currency pairs as well as the symbol “FXY” for further indication.
Eyes open people!
Stay safe for now.