• USD/JPY currently in the middle of Tuesday's 151.23-152.22 range

• Break of 7 Feb 150.93 low opens Psychological 150.00 and 3 Dec 148.65 low

• Bias down while USD remains weaker and Japan looks to normalise policy

• Sellers touted at 200dma 152.68 and base of 153.76-156.17 daily cloud

• Falling FX option implied volatility signals low realised volatility risk

• But, options retain a fairly strong premium for downside over upside strikes

• Related comment
JPY=EBS

(Richard Pace is a Reuters market analyst. The views expressed are his own)