If you are determined to trade JPY crosses in this environment, the one that makes the most sense to me is GBP/JPY (did I really say that?).
If the trends that are at work today…general USD strength with European debt jitters still a major concern, GBP/JPY would be a better long than EUR/JPY because EUR/GBP tends to get walloped every time EUR/USD takes a hit. That supports the GBP side of the cross.
I honestly prefer USD/JPY to JPY crosses in this environment as the market is quite rate driven at the moment and the moves are being initiated in the US…
