• USD/JPY trades 133.68-133.00 range Tuesday, Mon's 133.87 peak is resistance

• Above 133.87 is 61.8% Fibo 137.90-129.65 at 134.75, daily cloud top 134.13

• Beware FX hedging of 1.5-billion 133.00-15 options - expire 10-am New York

• This hedging can often help contain FX near strikes as expiry looms

• Support is at 55-dma 132.98 before 21-dma and cloud base 132.25

• Overnight FX options warn against complacency over Wednesday's U.S. CPI

• Options also show a drop in downside strike risk premiums over April BoJ

  
  

  
  

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