As Jamie has mentioned on a few occasions, USD/JPY could be in for a big fight over the next few days. Insurance losses are being estimated at $35 billion and the situation, especially with regard to the nuclear power plants, remains very dangerous.
We believe there is an option play at 81.50 with heavy bids just above and large stops below and the same applies at 81.00. The pair is currently trading at 81.70.
