James I'm also watching the Yen. I've been long 5 June British Pound micro futures (= to 1/2 the regular contract). What I don't like about the micro futures is theres no volume the farther out you go and big spreads. I think I'll be using FOREX for alot of my currency trades in the future. With Thinkorswim you can easily move money between futures and forex accounts. I like the ability to be able to pick how much margin you want to take on and not having to worry about rolling over contracts. Does anyone else use Forex instead of futures?