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Options Activity Suggests Corrective USD/JPY Bounce Could Go Further

JPY
  • USDJPY options volumes ahead of average for this time of day, with the pair’s corrective bounce this week prompting solid hedging flows, particularly in comparison with more lacklustre activity in EURUSD and USDCNY markets so far Tuesday.
  • Topside demand has been evident throughout, with $3 in calls trading for every $2 in puts so far Tuesday. Strikes at Y139.08-10, Y140.00 and Y144.85 seeing particular interest.
  • Spot USDJPY trades in minor negative territory, having pulled away from the overnight high at 137.43. key resistance sits just above at Y137.68 - the Nov15 low and recent breakout level.
  • Little option influence at current prices for today's cut, with few nearby expiries to drag spot in either direction - nonetheless, the pipeline for this week is tilted higher, with between $8 - 9bln notional due to roll off between Y140.00 and Y143.00 into Friday's 10am NY cut that may be exerting an influence.
  • This could add to any further unwind of the oversold condition ahead of any re-test of the 133.63 bear trigger.
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