• Decent size USD/JPY sales seen around 134.00 before U.S. CPI Wed

• Some profits since taken, but bulk still in play, stops close to entry

• USD broadly weak since CPI to limit USD/JPY topside to 133.37 on Thursday

• Thurs 132.90 low support before Wed's 132.74 post CPI low. 21-DMA 132.22

• Option implied volatility hit hard - consistent with more range trading

• Big option strike expiries 133.00 (1.2bln) and 134.00-05 (858mln) Thurs

  
  

  
  

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