• Demand for 1-3-month expiry 140.00 options before this weeks USD/JPY drop

• They have increased in value amid lower spot/higher implied volatility

• However, traders have since lowered strikes and shortened expiries

• Solid demand for sub 1-week expiry sub 140.00 strikes nL1N3KN0JM

• Volatility could increase significantly if 140 option barriers breached

• Highest FX volatility risk premium for US jobs data in 2024 nL1N3KO06W

• USD put option demand suggests biggest FX reaction if data misses/USD drops

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