The latest in a long line of hedge fund probes, this time involving a German fund called H1, is encouraging FX traders to look for so-called risk-averse trades and selling AUD/JPY is the most obvious one. Some of this selling is fresh intraday speculation by CTA types and this is usually short-term type trading which will be reversed within the next day or so. AUD/JPY has bounced from lows around 80.85 to 81.30 at present.