If the forward value of the Euro is 100 yen/Euro, and the spotis 89.29 yen/Euro, it means,

1)	The Yen is selling at a premium of 16%

2)	The Yen is selling at a premium of 10.71%

3)	The Yen is selling at a discount of 10.71%

4)	The Yen is selling at a discount of 12%.