🔄FX Correlations: USD/JPY Rallies Above

**As seen in Macro Walk reports 01/22/2022, subscrie at cablefxm.co.uk/reports

• Last week's edition of the Macro Walk report highlited the difference between the 25-day and 100-day correlation coefficients in the USD/JPY spot, and the 5-year yield. The absolute differential turned negative, meaning that short-term correlations broke from the longer term

• Dollar-yen cross closed at 113.66 last Friday to rally close to 160 pips or 1.4%, moving more in line with U.S. Treasury yields.