USDJPY - 12 March 2025

You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.

USDJPY - constructive in the 20 week cycle trough zone.

To understand the yen now is to understand US Ten Year yields, the two series tend to move in synch and US yields are starting to become constructive. We have outstanding calls on Treasury notes down and Euro down and this ties into the idea that US Yields need to rise along with JGB yields.