Yen Gains Momentum, Trouble Brewing for an Asian Currency?

I track long-term relative momentum for lots of ETFs. In the international group, CurrencyShares Japanese Yen (FXY) popped up strongly this past week. The last time it climbed out of the bottom and to this level was July 2015. A month later China devalued the yuan.
What's going on right now? The Hong Kong dollar is approaching the limits of its peg.

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