• USD/JPY breaks 150.00 level that FX option markets had been targeting

• Comes earlier than Dec 19 BoJ meeting where much interest was focused

• Implied volatility and its downside strike premium were already elevated

• However, deeper USD/JPY declines fuel fresh demand in early London

• 1-month implied volatility extends Wed's 12.3 peak to trade 12.75

• That's a new post US election peak and highlights fears of more JPY gains

• 100-dma 149.14 next support - threat/break to fuel more option buying

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