After spiking from 12250 to just over 13100 during a 3 week stretch in late July/early August, the September Yen has been consolidating between 13000 and 13150. Much of this was due to the falling European and US economies and stock markets. Those markets have been consolidating now and the expectation is for the Yen to pull back to the 12500 level near term. The pattern shows a very overbought market due for a harsh break. I am proposing a futures and options strategy. Each point for the Yen = $12.50 as this is a 125,000 Yen contract. Mini contracts are also traded and they are ½ size or $6.25 per tick. October put options can be bought and they expire on October 7. They are based on the December futures contract.

The Trade: Sell December Yen @ Market (13063 currently)
The Stop Place a Buy stop at 13181 Risk on full from 13063 to stop is $1475 and $737.50 mini
Objective: Initial Objective is 12550, $6412.50 from 13063 to 12550 $3206.25 on a mini
Alternate Trade: Buy the October 125 Put for 25 points = $312.50 expires Oct. 7