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May 04 - 08:55 AM

USD/JPY - Option Flows Show Short Term Targets

By Richard Pace  —  May 04 - 06:58 AM
  • Increase in option strikes with a 110.00 handle over recent sessions

  • Shows more risk of USD/JPY reaching 110+, so option dealers covering shorts

  • However, volumes and prices not excessive, spot gains likely remain a grind

  • Implied volatility relatively steady of late - holding above pandemic lows

  • Also of note is the reduction in downside option premium on risk reversals

  • 1-month expiry almost completely fades downside premium - multi year lows

  • Related nL1N2MM126. Big expiries this week nL1N2MR0EF

For more click on FXBUZ

USD/JPY 1-month 25D risk reversals Click here

Refinitiv IFR Research/Market Commentary


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