- Still hovering around the old broken up TLs in spite of recent strong Risk Appetite (equity rallies) = Stiff resistance here. Expected all JPY crosses to be much higher by now.
- Hedge long Risk FX/short USD by short USD/long JPY ie Net Position = long Risk FX, long JPY, short 2*USD
- Lower USD remains favorite play here
- For Risk FX, preferred vehicle is CAD.
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