what i sometimes do, and not really considered hedging, but close is: go long EURUSD and in the same time go short USDJPY or vice-versa. if trends and data regarding the $ are clear, then this can make you a lot of pips
however, be warned, the risk is much greater, so unless you are confident with your decision to go long or short on EURUSD and USDJPY, don't do it.