Japanese Yen mirrors Gold
While trading, it is worth knowing that Japanese Yen closely follows Gold, both intraday and on bigger timeframes. Both instruments mirror each other. So, XAUUSD analysis are valid for USDJPY, only in reverse order, i.e. if XAUUSD will move up a few ticks USDJPY will move down the same distance. Safe trading! The chart above demonstrates this correlation. I chose Japanese Yen Index for that, which is nearly same as USDJPY in reverse, as in USDJPY Yen is a quote currency.
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