JP Morgan - "Remain invested in dual themes of more JPY stress and less EUR stress, even though the adjustment of the past few months stands comparison with the most extreme moves of the floating-exchange rate era. Tighten stops on short yen cash positions versus EUR, NOK and USD; take profits on a 6-mo dual AED in EUR/JPY (>105) and EUR/NOK (<7.30) and losses on a worst-of call in USD/JPY-AUD/USD. Hedge remaining long AUD exposure from a carry basket by selling AUD/CAD. Stay short GBP vs EUR and SEK in cash and against NOK and CHF in options (GBP/NOK put spread, long EUR/GBP calls vs short EUR/CHF call). Take losses on 6-mo dual-AED in EUR/GBP (>0.81) and EUR/NOK (<7.30). Hold a bearish 1Y EUR/CHF seagull and NOK/SEK call with RKO."