• More traders are buying options that would benefit/cover a USD/JPY setback

• JPY call/USD put spreads are proving popular over recent sessions

• They give holders the right to sell USD/JPY at one strike, buy at another

• Risk reversals show the implied vol premium for JPY puts over calls

• That's downside over upside strikes - 1-month expiry near long term high

• Intervention risk from 155.00 is high after trilateral statementon Thursday

• Israel's strike on Iran caused widespread option demand in Asia Friday

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