I say this because I don’t think many people are on the risk trade at the moment and the market if anything is overly bearish on USD/JPY and the JPY crosses. Perhaps positional adjustment going into the weekend will actually see the risk trades rising as shorts continue to cover. It still looks like it will be a quiet session ahead of the European bank stress test results later today. Thankfully I’ll be re-living past glories over lunch with a few other ancient FX warhorses and Dave will suit up in an hour or so.