The price of the Japanese yen rises gradually against the background of number of factors. Thus, on the one hand the weakening of the dollar has led to a strengthening of the national currency of Japan, on the other hand, the demand for the yen as a defensive asset has increased due to a number of negative news. So in China have reported tightening requirements for credit conditions to limit lending. This step will negatively affect the construction sector, which continues to be a major risk for the region. In addition, the political crisis in Greece worsens the situation in the Eurozone. At the moment, we recommend to close long positions on USD/JPY, but keep medium-term negative outlook on the yen.