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USD/JPY Strength Persists into NY, Options Volumes Buoyed

JPY
  • USDJPY strength persisting into the NY crossover, with the pair holding the entirety of the boost from the BoJ's unscheduled bond buys overnight - totalling $2bln in purchases for the first operation of its kind since February.
  • Monday's rally has already topped solid resistance at 141.95 as well as 142.08, the 61.8% retracement for the July pullback. This opens 143.22 initially ahead of the bull trigger at 145.07.
  • Options volumes and hedging activity have been well ahead of average Monday, with upside protection the theme: close to $3 in USD/JPY calls have traded for every $2 in puts so far today.
  • Sizeable trade in Y142, Y143 and Y145 call strikes have propped up activity. Volatility hedges make up the largest trades Monday, including a 137/147 strangle rolling off in mid-September and thereby capturing the period between now and the next Fed (Sept 20) and BoJ (Sept 22) policy decisions.
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