Doctor Leo
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Look at GBPJPY for instance for the whole last year: all you had to do was to buy this pair in January and move to Canary islands... Almost the same with most yen crosses. So, with a bit wisdom this method is quite reliable although not as profitable as active trading might be, yet much safer assuming you have enough funds in your account. FYI most yen trades nowadays performed by major players are carry-trades.
a_gnome
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You may be thinking of the Freedom Rocks method and it's associated pyramid selling scheme. This is supposed to exploit the carry difference and yet to ensure that you are "hedged". In practise it was more or less trading the EURCHF cross rate in one direction via two separate legs. So far because of the fact that EURCHF has moved a lot in the right direction all the people who are trading this method are touting it as a "can't fail" system though we'll see what they say when that market turns! There was a thread discussing the method here a while back though it seems to have dropped off the boards.
It's legitimate in that it is a valid trading strategy. However the FR promotional video doesn't go into the risks at all of what you are doing and seems very biased towards all those vast profits that you are sure to make. I would take the basic method and test it out yourself so that you can apply some sensible risk and position sizing calculations.
