• Defence of well touted 152.00 barrier options helping to cap USD/JPY

• However, there's talk that several of these options will expire next week

• Soon-to-expire barrier options typically field the biggest defence

• There will also be those who stand to benefit if they are erased pre expiry

• Market is short gamma above 152.00 which could fuel gains/volatility above

• Higher risk of intervention makes 153 barriers a much harder-to-reach target

• FX option implied volatility higher - 1-month 7.8 vs l-term low 7.1

• There's conflict between short gamma and intervention fears nL5N3G51G5

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