Gentlemen, if you are looking for risk free trades - don´t look further. YEN crosses give you the opportunity of your lifetime (as well as QE I, QE II and QE III gave you the opportunity of a lifetime!)
there is no such thing as risk free trades...you need to get rid of that mentality if you are ever going to make it as a trader.
Sorry, but you obviously do not belong to FED sponsored entities called primary dealers. I pity you for not understanding the wording "risk free". Seems, you are not a member of this exclusive club called "free risk printing machine". The FED has decided last year to borrow this machine to their friends in arms called "Bank of Japan". Once again: risk free money to make. And today is pay day! LOL !!! EUR/JPY, GBP/JPY, making multi year highs. My call options say THANK YOU MR. Kurodas SAN! LOL!!!!
And the YEN party continues!!!! New multi year highs in YEN crosses. I can´t count the USD I am making with my YEN crosses call options! It´s truly a cash machine! LOL!!!
And another 50 pips in YEN crosses. And I am out. Easy peasy +330% in just a couple of weeks. Trading can be so beautiful profitable!
I am buying some put options from the profits I reaped in the last couple of weeks. EUR/JPY strike 131.00. GBP/JPY strike 160.00. AUD/JPY strike 89.00.
short answer, fx is traded as pairs, so a yen cross is the yen traded against another currency.... you can do a gargoogle search for more info...