💹G10FX/JPY Upside Profile Ahead: Cable FX Macro

• December often shows yen weakness (positive for many JPY crosses, with some samples showing CHF/JPY or EUR/JPY among the stronger performers). Full October and November lean toward yen softness in our 10-year study.

• Japanese holidays in early November (Culture Day on Nov 3 in recent years) can also thin Tokyo liquidity and widen spreads, which sometimes coincides with sharper moves once the window closes.

• When looking to position for this seasonal window, prefer fade strength into the period rather than chase weakness. Keep track of a variety of JPY pairs simultaneously to confirm the seasonality weakness read and discard an isolated move.