The bears have been having a tough time over the last few months in the JPY crosses but now it’s time for the longs to feel nervous. Trouble ahead for the European banks and heavy selling interest appearing in USD/JPY might be enough in the short term to make long positions re-assess their commitment. Dealers have as yet reported no sign of any of the bigger players entering the market but if the momentum funds start turning then that will be good for a 10 big figure move.