The yen futures double bottomed last night showing that the one way train in the yen crosses was very long in the tooth and a correction was afoot. The first area to look to get some back on is off 119.60 ish in the futures app 83.58-68 USD/JPY ( just happens to be around the 200 day mvg avg.) This is the level to sell Yen ( buy USD/JPY small to try and leg the cross)
The optimal level in EUR/JPY is around 116.50 for starters.
We are not counting on this to happen but these are the lowest risk levels. Always better to be prepared with the low risk areas before something happens.
