Previously sharp Japanese Yen gains led us to believe that it was embarking on a sustained reversal against major forex counterparts, but the day’s impressive volatility clouds outlook for the safe-haven currency. Indeed, our Forex Options-based forecast called for continued JPY corrections based on clearly one-sided trader positioning. Equity markets have rallied substantially on a year-to-date basis, and the S&P 500 stands a further 1.9% improved on the month of ...