The most important chart in the world.

For much of the past year, we have regularly discussed the Japanese yen’s historic market-leading characteristics and its far-reaching impact on the global financial markets. Of all the key deflationary market trends, the yen versus the U.S. dollar was the first major market to register an important bottom in mid-2015, and the yen’s key long-term monthly momentum measures were the first to turn up from historic-extreme lows. The uptrend in the yen that followed the decisive breakout in February after over a year of a basing-pattern has been one of the strongest and most important market developments this year. The yen is now testing its key 1998 uptrend-line.