Let us take one pair, say EURJPY.
EURJPY moves down with EURUSD, or with USDJPY..and vice versa
I ask you a straightforward question.
Assume EURUSD drops X pips, and USDJPY is flat or moved up way lower than X pips, where will EURJPY be heading?
It will be heading down. that's what I mean.
I can't be convinced that EURJPY will still go up if EURUSD moved down, unless USDJPY is going up (way more than EURUSD drops)
I even seen case when both EURUSD and USDJPY (nowadays) drop together. that's like a double drop for EURJPY.
So based on my estimations, JPY will be supported in near term, suggesting that USDJPY will be flat or sideways/lower until rate decision, while EURUSD looks vulnerable to accelerate downside, that means EURJPY will be at 153-152 soon.
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