If you would have called out this short here on TV back in May 15 (which I did) you would have been laughed at and mocked ) it seems I got the last laugh )
Nevertheless, every good trader makes sure he/she has a perspective on things.
Now, this is a very tricky position and to give my 2 cents its is a crappy deal. This since this is an average price. Not too expensive and it is not a sweet cheap deal either.
the only way to trade this one is based upon fundamentals. short term based upon the Brexit etc the Yen can appreciate so much more. But the Japan economy is under severe challenges and the US does better. But will Yellen raise the rates more or?.. To go long on UJ from here we really need to see a strong stock market and track both the DOW and the Nikkei.
Shorter term trades is best traded based upon the monthly upon in IMHO. If you want to learn that simple strategy then just pm me.