Implications: Bullish
JPY: The 52 and 13 week COT indexes are at 78 and 25 now. The 13 week index bounced from 0 2 weeks ago, suggesting that the trend is back towards Yen strength. We wrote last week that “it is time to begin looking for opportunities to buy Yen again (sell Yen crosses).” The Yen turned last week and there is not reason to alter this outlook.