[B]Implications: [/B]Bullish
[B]JPY: [/B] The 52 and 13 week COT indexes are at 22 and 0. We wrote last week that “the 13 week index has hit 0 6 times in the past 3 months, indicating that a turn towards JPY strength will be violent when it does happen.” The turn occurred last week. Yen strength is expected to continue.