For instance, i’m on a short on USD/JPY right now on a 5 minute chart, would you short GBP/JPY, AUD/JPY, CAD/JPY as well; if your analysis also predicted a short entry? or would you view this as too much risk, and just short the one pair? I used to think about shorting many pairs when correlated etc; but now i think if one of the trades loses then the other three or four will lose too, correct?
Anyone have any feedback on this? your opinions? 
there is a good chance of that because all of them are linked to the JPY but it could be likely that the negative movement is causedd by the USD or GBP or whichever one of the others. if the negative movement was caused by a change in value of the JPY then rest may lose.
Don’t use this technique initially. But not a bad technique at all. This is profitable if we can get the signals correctly. News announcement and other fundamentals will change the patterns but most of the time pairs will continue the same patterns.
If the pairs are actually correlating and you can correctly trade the move then trading all of the correlated pairs, over time, tends to increase profit, albeit slightly, when trading larger time frames. The reason is that some pairs will move much more than others while remaining correlated. The opposite is also true, you will be trading pairs that don’t move as much but by trading all of the pairs you get the ones that make the largest moves. Those that make the smaller moves are, hypothetically, still moving in your direction so they don’t necessarily hold you back too much.
The biggest obstacle to overcome when trading multiple correlated pairs is the cost of paying the spread multiple times. On a five minute chart, as in your example, it is probably not worth the effort since the moves will, overall, be smaller and the spread will eat a much larger percentage of your profit.
The conventional wisdom is not to enter on multiple correlated pairs for the following reasons-
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You want to take the trades that are most clearly defined that fit your trading edge to maximize your chances of success. If you are finding them on multiple charts then your edge is probably not as clearly defined as it should be.
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You are correct in that it needlessly increases risk. Instead of trading on other pairs, it’s a better choice to just increase your position size in the one you identified as having the best opportunity for success. There is a technique called Pyramiding that deals with scaling position.
I agree with what you said. True, if you are right you may increase your profit, but if you are wrong you will also increase your loss. It is similar to adding more trades to the same pair, sure the USDJPY may move more than the GBPJPY etc, but in general I would stick to the pair you selected and stay away from its correlated pairs. Then again, if that fits your trading style and you are happy with your results then you should do so.