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USD/JPY Held in Balance BY Soft USD vs Firm EUR.

JPY
MNI (London)
  • Retested Wednesday's low of Y104.26 in Asian trade before it recovered to Y104.36.
  • USD seen under general pressure but USD/JPY downside seen countered by current strength of the EUR, in turn keeping EUR/JPY buoyed.
  • A break of Y104.26 to expose recent low at Y104.15(Nov24) ahead of Y104.00.
  • Y104.00 holds the strike of $1.7bln of mixed interest at today's 1500GMT cut, with $1.07bln of this interest USD puts.
  • Option calendar shows a predominance of USD puts between Y104.00-103.00 through next week, Dec3 showing $3.35bln of Y104.00 USD puts, Y103.00 holding $1.9bln of USD puts for the same cut.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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