DislikedPlease note I've changed the emphasis. Buying and selling the same currency pair in the same market at the same time is not hedging. It is called being out of the market. Only your NET position matters. Let's go with cars on this one: say you buy a car and then sell that car - at that point are you long car or short car? Neither. No matter how you do your accounting, you are OUT of the car market.
Also, please understand how arbitrage works and you will see why EUR/JPY is very much dependent on USD/JPY and EUR/USD (and vice versa).
I'm...Ignored
I also believe in my illustration I used that when I buy a car I help the entire car market but the specific deal was done with FORD. Chevy and Toyota dont directly benefit from the sale but the entire industry as a whole does. I tried to make that clear.