• USD/JPY broke 3 Aug post BoJ recovery high at 143.89 for 144.13 Thurs

• Many traders reluctant to chase USD/JPY higher pre CPI, await dips

• Thurs low is 143.65, bigger support Wed low 143.00, daily cloud top 142.88

• Further topside may prove hard fought - options long gamma between 145-150

• Much of that resistance from barrier options- option dead if barrier touched

• Low implied volatility reflects expectations of low actual volatility ahead

• Even overnight expiry volatility risk premium is low, despite CPI risk

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