Measures of USD/JPY volatility and break-out risk remain low in FX options

Shorter dated expiry implied volatility heavy/subdued of late

1-month low end of 5.0/8.6 crisis range since March and well below G10 peers

USD/JPY trades 103.95-104.31 range so far Monday

Big support by multiple daily lows in mid 103's, before 6 Nov 103.18 low

Resistance 21-dma 104.43, 3-2 Dec hi 104.53-75, 55-dma 104.84

Daily Ichimoku cloud base falls to mid 104's Fri to add resistance