Is it time to buy the Japanese yen?

I once said that John Percival, editor of the Currency Bulletin, has likely forgotten more about currency trading than most of us will ever know. I have been a reader of John's newsletter for over 20-years. I have learned a great deal from him, through his writings. Here is an example of his insights which I took from a very beaten up copy of his book, The Way of the Dollar, published back in 1991.

But why am I sharing this?

It's the pre-requisite for my little quiz. Can you think of a currency now that seems to fit within John's paradigm of a price extreme?   

Currency Currents 16 May 2013