Bernstein analyst Steve Powers said Coca-Cola and Pepsi are known to be conservative when it comes to buying and hedging commodities risk, making them less subject to short-term volatility.

WSJ: Orange-Juice Futures Leap to Record

Since February, he has been buying Japanese equities and hedging his exposure to the yen's moves.

WSJ: Investors Grab Japanese Shares

There are other moves you can make as well, such as hedging by selling covered calls or buying mutual funds that invest in foreign currencies to protect against the decline of the dollar.

FORBES: You're on Your Own