We'll be focused on recent lows in stocks, commodities and JPY-crosses as triggers to further weakness.
我们将继续关注股市、商品市场及日元交叉盘的近期低位，将其视为进一步疲软的导火线。
Overall we prefer to use remaining strength in the JPY-crosses as a selling opportunity in anticipation of heightened risk aversion.
总的来说，我们倾向于利用日元交叉盘剩余的高位做空，以待避险情绪上涨。
We do not expect that JPY will continue to strengthen as it did following the 1995 Kobe earthquake.
我们不能期望日元会如1995年阪神地震后那样强劲。
The EUR and JPY reference trades formed the two other significant blocks, according to the folloeing numbers from BIS in the previous table.
根据上表BIS统计的数字，欧元和日元的交易量占据了第二和第三的位置。
What we saw with the Kobe earthquake in 1995 the drop in USD/JPY was 20% over 3 months.
我们曾看到坂神大地震后三个月，美元对日元跌幅达20%。
That said, the JPY has been fairly volatile and is likely to fluctuate in the short term.
也就是说，日元一直相当不稳定，而且很有可能在短期内继续波动。
That is, if the market cannot buy CHF or JPY when market stress intensifies sharply, then it will pile into the USD in a more aggressive manner for liquidity.
也就是说，市场在压力急剧增大时，投资者如果不能买入瑞士法郎或日元，那么出于流动性的考虑他们就会以更激进的方式大举购入美元。
Unlike the Kobe earthquake in 1995, earthquake insurance is now more widespread and there will likely be substantial flows and JPY buying by reinsurers.
不同于1995年的坂神大地震，地震保险业已经非常普遍，他们可能会大规模进入日元的购买市场。
The JPY is treated by investors as a mini safe haven in times of risk aversion, which has enabled it to remain stable against the USD and strengthen against the EUR.
日元在风险规避时往往被投资者看作一个小型的安全天堂，这使得日元对美元能够保持平稳并且对欧元能够稳步强势。
Given the uncertainty elsewhere, it would not be surprising to see the JPY experience solid gains next week if the data is even mildly supportive.
由于其他货币前景不确定，日圆本周有望得到数据面支撑而产生较大回升。
The JPY and the EUR have been relative winners.
日元和欧元是相对赢家。
Insurers that now have to make JPY payments to Japanese have to buy JPY and any international aid flows that get sent to Japan are also going to be in JPY.
保险公司现在需要对日本理赔，他们需要兑进日元。许多国际救助组织进入日本时需要兑进日元。
We remain skeptical about the long term effectiveness of unilateral JPY intervention as previous efforts have had only a short-lived impact.
因为前几次努力都只是产生昙花一现的效果，所以我们仍怀疑单边干预日元的长期效果。
This creates a very positive bias in the JPY in the immediate short term.
短期之内，这将对日本有积极的倾斜态度。
Jaw-boning from officials may continue in the week ahead and we would be cautious with CHF and JPY pairs as the risk of intervention is present.
本周官员们可能会继续“下巴骨政策”，我们应对瑞郎及日圆货币对保持高度警惕，因为干预风险存在。
As we have stated in the past, as the risk aversion eases we expect the Jpy to come under selling pressure.
正如我们过去所预测的那样，当风险厌恶情绪放松时，日元就会受到抛售压力。
We are also mindful of a one-way mentality that has settled into currency markets, where the only way for the JPY is higher.
我们同样也注意到，市场已形成了单边思维，认为日元唯一的方向就是走强。
Oscillators on weekly JPY crosses are particularly negative.
在周线图上，震荡指标显示日元交叉盘利空。
Should the positive sentiment continues, we expect the Jpy to come under significant selling pressure.
如果乐观情绪继续，我们预计日元将受到重大沽售压力。
Most likely, though, in our view, CHF and JPY will be the bigger winners if risk comes off sharply.
我们认为一旦风险情绪急转直下，则瑞郎及日圆最有可能成为最大的受益者。
To further illustrate this point, let's assume that the only currency that moves is USD, while the two other currencies (JPY and EUR) remain flat.
为了进一步解释这一点，我们假设只有美元是波动的，另两种货币（日元和欧元）保持不变。
The Jpy continues to show strong momentum, with UsdJpy trading from 89.35 to 88.17.
日元继续表现出强劲势头，美元兑日元的汇率从89.35跌到88.17。
The Usd was stronger against all the G10 currencies except the Jpy &Chf in Asian Session, as equity markets take another dive.
在亚洲市场，由于所有G10股票市场，除日元以外，都蒙受重大沽售压力，美元再次走强。
With the abrupt reversal in Jpy, carry trades were also revived with the AudJpy climbing from 56.88 to 59.79. The GbpJpy rose to 141.10.
伴随着这个突然逆转，日元套利交易也活跃起来，澳元对日元从56.88上扬至59.79，英镑兑美元上扬至141.10。
We are neutral in the EUR and JPY.
我们对欧元和日元持中立态度。
We look for the USD to gain further ground in the weeks ahead, especially against EUR and JPY.
我们预计美元在接下来几周扩大涨幅，尤其是兑欧元和日元。
The news that the Bank of Japan had provided a record JPY 21 trillion to help the recovery efforts at their meeting earlier today caused a bout of volatility early on.
日本央行在今天早些时候的会议上注入21万亿日元以帮助经济复苏的消息，引发早些时候的一波行情。
Until an agreement is forged, we think the USD will remain vulnerable and safe havens (precious metals, CHF and JPY) will stay in demand.
除非达成一致意见，否则我们认为美元仍较脆弱，避险资产(贵金属、加元及日圆)仍有需求。
Market test BOJ resolve on intervening the JPY. The support below 103jpy was strong. Wait to sell USD AT 103.75jpy with stop AT 104.45jpy.
市场正测试日本央行的底线，惟美元在103日圆之下的支持甚强，可等候于103.75建立美元淡仓，止蚀设于104.45。
Market test BOJ resolve on intervening the JPY. The support below 103jpy was strong. Wait to sell USD AT 103.75jpy with stop AT 104.45jpy.
市场正测试日本央行的底线，惟美元在103日圆之下的支持甚强，可等候于103.75建立美元淡仓，止蚀设于104.45。
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