With the FOMC decision in the books, we've finally had a chance to exhale. However the week's data is far from over. With Non-Farm Payrolls tomorrow there is no break for traders.

But that's not all that is affecting the markets. Add the Dow and crude oil to the mix and there are plenty of opportunities in these volatile markets.

One of the more effective ways to confirm the set ups when the markets are being affected by many secondary factors like the equities and crude are to play the pairs that correlate. Now normally the U.S. Dollar would be the first place to check for confirmation, but two pairs in particular have a better correlation to other markets.

Let's take a look at the USD/JPY.

The USD/JPY has been tracking with the Dow Jones and with the rate cut yesterday the stock market got what they wanted, although there was a vocal minority on the floor that was expecting a 50 basis point cut. The Dow futures were down 80 points before the open and the Dow is down over 180 fifteen minutes into the open. This is no doubt in reaction to the Fed�s message that the cuts are on pause for now.gau

Look at how the USD/JPY and Dow track and you can use the Dow as a secondary tool to gauge the dollar-yen. Notice that as the Dow weakens, the Japanese Yen strengthens versus the U.S. Dollar. The visual of contrasting wedge patterns make this crystal clear.