USDJPY currently looks an incredibly important pivot 200 DMA. Use Option Risk Reversals to manage risk in long USD/JPY or long stock exposure.
If a clean daily close below the moving average develops it could be the beginning of a very significant correction. Put simply, continued consolidation appears unlikely, the market is likely preparing to make a significant move. Furthermore, spot USD/JPY moves together with the N225 with a high rolling correlation, for multi asset managers one may consider using options in USD/JPY for managing risk of long stock exposure or long spot USD/JPY. The risk reversals still look fairly cheap at an overall historical level.