From the JPY standpoint, we have seen better flows to be short JPY, but predominantly against the USD and GBP. CHF is likely to stay weak as traders speculate that the Swiss National Bank (SNB) will follow any policy initiatives. As a result we should see a strong correlation between EUR and CHF.
The fact that Swiss CPI was at 0.0% recently suggests the SNB could also ease policy as the risk of deflation is high. This is another reason why I have chosen to use the CHF as my preferred currency to short.