Implications: Bullish but with caution
JPY: The 52 and 13 week COT indexes are at 29 and 0. The 13 week index has hit 0 5 times in the past 2 months, indicating that a turn towards JPY strength will be violent when it does happen. Of course, the Yen continues to weaken (sentiment extremes can last for weeks), so use caution when attempting to trade this reversal.