Tactical Positioning in Yen Crosses

The fact that USDJPY rallied 200 pips despite the disappointing NFP (88K was lowest since June 2012) speaks volumes of the historical decision from the BoJ. We are aware of the surprising decline in the US unemployment rate to 7.6%--lowest since December 2008--which the media hardly covered. 4 new trades in yen crosses have been added on Sunday night (noon Monday Asia time). The Eurozone maybe producing a fresh wave of woes --this time from Portugal - as the PM calls for new spending cuts to keep the country on track for its bailout program. Positioning EUR vs JPY during opposite flows is explained in our latest Premium Insights