Azous recently made a compelling case for USD/JPY running to the 128-130 range, which is well above the 123.8 area at which the pair currently resides. [The Case for Long Japan ETFs]

“It is near this point that these same professionals will simply say to themselves that the USD/JPY range of the 6-month rectangle going back to December 2014 was6.2 big figures, and if you add that number to the intra-day high of 122.03 back on March 10, 2015 you get to 128-130 pretty easily,” adds Azous. “And whatthat means is if you pay 125 and the target is 128, you can rationalize that internally.”

Some investors are expressing their bearish yen views with ETFs like DBJP and DXJ, which have hauled in over $4 billion in combined assets this year. In the current quarter, DXJ and DBJP have added $940.4 million and $221.4 million in new assets, respectively. [Investors Still Like Japan ETFs]

ProShares UltraShort Yen