Ever noticed the high correlation between TNX and USD/JPY?

It makes sense that interest rates in the U.S. would be correlated with a carry trade like the dollar/yen. But I wonder how many forex traders think to use this information to inform their USD?JPY trades. The positive correlation between bond futures (say the ZB contract), or even TLT and FXE while U.S. markets are open, is remarkable persistent in any time frame. USD/JPY traders could easily get a second opinion just by looking at what the bond market is doing.
Beyond Technical Analysisintermarketanalysis

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