• USD/JPY fell 151.92-151.20 after $1.3-billion 152 options expired 15GMT Mon

• May have been RKO options in the mix with triggers at/above 152.00

• Holders could buy USD/JPY at lower level, sell spot, if trigger not touched

• Profit taking may therefore have been behind the sudden USD/JPY drop

• Another $2.6 billion 152.00 vanilla option strikes expire 15GMT Wednesday

• If more RKO trigger options in that mix, might see another post expiry hit

• Binary barriers also reside at 152.00 and will add resistance/defence ahead

• Potential short gamma/increased volatility and FX gains if barriers breached

• Short term focus on big U.S data, but FX volatility premiums tame

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