No, CME - short EuroFX 6E and long 6J USDJPY - essentially EURJPY Also, margin requirements are 10% less on 6J when compared to 6E, but they both pay $ 12.50. If you play 1-lots, you should look into this kind of play - getting $25 on every EURJPY tick - with the same margin requirement. Needless to say - it's playing with fire considering slippage etc on rabid futures. Right now, EURJPY is just above 134.55 which is trendline support which was breached earlier. Just watch http://www.dailyfx.com/FinanceChart.html or something similar to see the EURJPY play.
If anyone is following this play on both - using the same margin twice - observe the widening spread on e.g USDJPY 6J when EURJPY dips a little below 134.55 trendline - while EuroFX 6E has a tight spread almost all the time. edit: fairly profitable with this experiment, but I'm shooting for bigger gains on USDJPY leg of it than the EURUSD, since I think the USDJPY strength gets into focus again with the rebound.
Very choppy EURJPY today, with both EURUSD and USDJPY in tight ranges for asian and european sessions. My experiment went ok, although no great returns - just 11 ticks total for that trade - by lifting legs at intervals. Still it shows that it's nice to have 3 legs, and being able to be USD neutral if needed - i.e going EURJPY on the CME fx futures, while experiencing some slippage. So good entries are a little more precarious with this method, and it's not $25 like I first said during the night, but of course $12.50 too on this EURJPY method - just that it does not always respond as nimbly as the pure EURJPY spot for various reasons. Having held the position longer - or especially the USDJPY leg - could have given better returns at some point, but right now it's roughly the same considering (choppy) EURJPY levels.
More technical trading with trying to break above the 1.3050. A lot of nice infighting when it draws close. EURJPY also rose some, with a 20 ticks move on the USDJPY upwards, while EURUSD was mostly calm. QM crude oil prices wigh in on the USD in general, so we are not seeing any pressure to the downside on the EURUSD right now.
EURJPY is starting to look ripe again - but for USDJPY and EURUSD it's bleak. I guess the USDJPY is the leg that would do the most of the move - since EURUSD seems bent to get on to picking on the 1.3050 again.