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Nov 20 - 06:12 AM
USD/JPY - Massive USD/JPY Option Hedging Can Dictate Price Action
First appeared on eFXplus on Nov 20 - 03:50 AM
  • DTCC charts show a massive USD 5-billion USD/JPY expiries in 108.20-50 zone

  • The bulk of these mature at 10-am New York cut on Thursday

  • Those with exposure to the strikes typically "delta hedge" via cash market

  • Hedging activity often draws/keeps cash close to the strikes as expiry looms

  • USD/JPY options reflect downside fears in spot nL2N27Z05V


USDJPY option expiries: Click here

Source:
Refinitiv IFR Research/Market Commentary

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