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Apr 04 - 07:55 AM

USD/JPY - Worrying Developments In USD/JPY Price Action

By Richard Pace  —  Apr 04 - 05:45 AM
  • Broad based USD sales fail to take USD/JPY from intervention danger zone

  • Weds post U.S. ISM setback met demand before 151.50, regains 151.70's Thurs

  • Option buyers of 152.00-153.00 strikes are covering topside break-out risk

  • Big option barriers reside 152+, break would increase already short gamma

  • Short gamma could fuel further USD/JPY gains and increase volatility

  • However, risk reversals reflect intervention fears - high JPY call premium

  • Could U.S. NFP prove catalyst for breakout? Overnight options on alert

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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