The JPY crosses all look very soft still and it would seem pointless to try and pick bottoms, especially now that USD/JPY has had a daily close below 110.00. There will be the danger of verbal intervention from the MoF or BOJ but they are fast running out of ammunition.
Sit back and sell rallies in any of the JPY pairs would seem like a sensible strategy. NZD/JPY is still my favourite vehicle and any 200 pip rallies will be used to ease back into my short position.
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