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Apr 16 - 05:55 AM

USD/JPY - FX Options Are Looking Beyond USD/JPY 155.00

By Richard Pace  —  Apr 16 - 03:40 AM
  • 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

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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