There were many times I mentioned in my posts

1 Risk off = $SPX down = $USD &amp; $JPY both up
2 if $USD up more than $JPY ==&gt; $USDJPY also up
3 when $USDJPY up, which gives a wrong signal as risk-on
4 wrong. $JPY up &amp; $USD up = huge risk-off
5 rel str of 2 safe-havens is misleading