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DOLLAR-YEN: Goto-bi day on Sunday clearly exerting an effect on USD/JPY, with
traders reporting demand seen earlier at the Tokyo fix for USD/JPY, allowing the
rate to post an extended high of Y111.01 overnight. Nonetheless, the move met
some strong headwind resistance above the figure. This, in time, failed to hold
and didn't put off another push higher in Europe as rate touched Y111.04 but
again met a strong counter. Asian traders suggested watching Y111.20 for next
Options markets also mimicking the move, with USD/JPY options volumes
particularly high today with USD/JPY volumes already well above the full-day
average. Outside of USD/JPY, options trades are slightly on the light side, with
EUR/USD and GBP/USD well below what you'd expect to see at this point of the
session. Implied vols are pretty dim across most major pairs, with EUR/USD 1m
vols dropping back toward the longer-term average after rallying to top the 8%
mark on Wednesday.