Blake Morrow’s Chart of The Day – Mar 30th 2021
One of the pairs that we watch when trading the USDJPY is the USDCNH. And with the USDCNH moving to new highs on the year and to the highest levels since December 2020, maybe this is an indication of further gains of the USDJPY beyond 110.00. However, you want to use the USDCNH from a correlation standpoint is up to you, however this move higher was well telegraphed in January when new lows in price had a divergent daily RSI. To me, it seems like a move back towards the 200dma in the coming weeks seems likely.