• 155.00 is considered to be the true BoJ line-in-the-sand for intervention

• However, some of the recent option trade flow would suggest otherwise

• There's been buyers of options that cover the risk of gains beyond 155.00

• 156, 158 stand out, but a few at 160.00 with sub 3-month expiries

• Big 155.00 option barriers can fuel short gamma/USD/JPY gains if breached

• Topside strike options would cover risk and increase in value above 155.00

• Topside strikes trade at large implied volatility discount to downside

• That discount shows the scale of perceived intervention risk nL2N3GO0FV

• FX warning signals as option risk premiums trade Jan highs nL2N3GP0FD

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