I have a position in JYen futures so I have been keeping a pretty close eye on it lately. It is almost comical to watch the JY trade against the Index futures, especially in the afternoon EST after Europe closes. It is almost a tick for tick match with the ES. It has been like this for awhile. Everyone is sleeping with one eye open and one closed. If you think there aren't alot of carry trades on the books, THINK AGAIN. Give me strength.