I am trying to get a better understanding of the cross currencies. Some examples that i am looking at are the GBYJPY and EURCHF. Correct me if im wrong, GBPJPY= buying USDGBP and selling USDJPY and EURCHF= buying USDEUR and selling USDCHF. IF this is correct does this mean that if i buy GBPJPY i should make sure that my USDGBP is going up and that my USDJPY is going down?. OR if i am selling GBPJPY my USDJPY should be going down and USDGBP going up? Just for clarification suppose i am looking to long GBPJPY, but both cable and UJ are in an uptrend. should i still long or wait?
thanks for the help
thanks for the help