Corporate sellers at 90.70 through 90.85 have capped USD/JPY for now but dips are pretty shallow so far. If you want to buy Yen, then I think its a slightly safer bet to do so against the AUD or the GBP, but even there the dips are relatively small.

It’s Friday, and I would expect some more profit taking on Yen shorts, but perhaps the market is not nearly as short as I’ve been thinking.

I’ll stick with my small GBP/JPY short position and see how it develops.