NEW YORK (Market Intellisearch) -- CurrencyShares Japanese Yen Trust options saw high put activity today. A total of 1957 put and 646 call contracts were ...

NEW YORK (Market Intellisearch) -- CurrencyShares Japanese Yen Trust options saw high put activity today. A total of 1,957 put and 646 call contracts were traded raising a high Put/Call volume alert. Today's traded Put/Call ratio is 3.03. There were 3.03 puts traded for each call contract.

Unusual volume provides reliable clues that the stock is expected to make a move. Investors can use the Put/Call ratio statistics to measure trader sentiment. A high Put/Call ratio suggests that the overall investment sentiment is bearish and that investors expect the underlying stock to decrease in value. Conversely, a low Put/Call ratio implies that the overall investor sentiment is bullish based on the large amount of call options.

Shares of CurrencyShares Japanese Yen Trust closed at $117.28 in the previous trading session and opened today at $116.49. FXY is currently trading at $115.99, down $1.29 (-1.10%) in today's trading session. The shares of the stock are trading between $115.88 and $117.32. Today's volume of 481,256 shares is greater than the average volume of 374,720 shares. FXY is trading above the 50 day moving average and higher than the 200 day moving average. The stock's 52 week low is $104.56 and 52 week high is $118.45.

An ETF Investing column earlier this month noted the sharp reversals in the dollar and euro currency ETFs.

After a steep decline that started in June, PowerShares DB US Dollar Bullish Fund (UUP) snapped back earlier this month and busted through its 200-day moving average.

Since the column, the ETF, which tracks the movement of the greenback against a basket of foreign currencies, has rallied further amid the flight to safety and is now testing another key level at the 50-day moving average.

Meanwhile, the CurrencyShares Euro Trust (FXE) has sliced below its 50-day moving average and worries over European sovereign debt have increased in the wake of S&P’s credit downgrade of Ireland.

As a result of the tax credits that expired on April 30, home sales plunged in July to their lowest level in 15 years. Exchange traded funds (ETFs) were socked by the disappointing news, with some falling as much as 6% in early trading.

According to the ETF Dashboard, one of the hardest-hit ETFs this morning is the SPDR KBW Mortgage Finance (NYSEArca: KME), which is down nearly 4%.

Home sales in July fell 27%, the largest monthly drop on record. The drop not only sparked fears about the recovery in the housing market, but about the broader economy. Homes in the low- to mid-price range were hardest hit. With slowing home sales, inventory is also rising: there’s now a 12.5 month supply at the current pace. The glut can’t be good news for homebuilders; SPDR S&P Homebuilders (NYSEArca: XHB) is down 1.4% so far today and it has lost 19.1% in the last three months. [Homebuilder ETFs Take Hits.]

With the prospects of a U.S. recovery looking dimmer, the Japanese yen soared to a 15-year high against the U.S. dollar and a nine-year high against the euro. This puts Japan in a quandary, since its officials have been looking for ways to curb the climb. CurrencyShares Japanese Yen Trust (NYSEArca: FXY) is up 1.5% so far today, and it’s gained 9.3% in the last year. [Currency ETFs: What's In It for You?]