Japanese Yen
As the three-hour time frame ends to trade JGB futures in London trading, the connection for Japanese yen will switch to Nikkei 225 futures and Globex will be the measure of direction. Japanese yen in the second part of the currency-pair equation will connect to the Nikkei for the remainder of London trading.
The British pound/Japanese yen will then connect as the British pound to the gilt price and Japanese yen to the Nikkei 225. As yield spreads narrow, buy British pound/Japanese yen and sell when spreads widen. Spreads narrow when the FTSE is down and the Nikkei is up. Spreads widen when the FTSE is up and the Nikkei falls.
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