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Jan 02 - 07:24 AM
USD/JPY - Bulls Beware, Options Are Downside Wary
First appeared on eFXplus on Jan 02 - 05:00 AM
  • Option risk reversals hold firm JPY call vs put implied vol premium

  • Shows dealers still wary that eventual range break will be to the downside

  • However, tame demand suggests expectations that familiar range holds for now

  • Implied vol premiums higher as holidays pass, but still low end of l-t range

  • USD/JPY circles 200-dma 108.68 - pivotal since early Nov

  • Big support early Dec lows 108.50-40, 100-dma and daily cloud base 108.19-00

  • Break below would lift option premiums and reward holders



USDJPY risk reversals: Click here

JPY=EBS: Click here

Source:
Refinitiv IFR Research/Market Commentary

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