If usd/jpy, euro/jpy, and eur/usd were all crossed and averaged into one chart, the final result would be a zero-sum game. My paper will discuss the implications of such an outcome.
I came across your thread and found your idea is very interesting. Currently, I'm looking for my master thesis topic yet my interest is in forex. This thread started in 2008 and six has passed, so your thesis must have been completed already. Could you share more information regarding your topic? Thank you very much.