USD/JPY is 40 pips either side of the middle of nowhere in the grand scheme of things. Last months close was 82.03. The yearly close was 81.16. We’re right in the middle and have been nursing a long dollar/ short yen position which we’re about even on right here since Nov.

Given the possibility for more flight to safety trades, which now seems to include buying Yen, we’re recommending taking 50% of this trade off until next week when we will reevaluate.