QuoteDisliked10:28 GMT October 12 JPY experienced a session of consolidation, with momentum
lacking in both pairs. Although the bias remains up in both USD/JPY and EUR/JPY,
moves higher are being impeded by the defense of topside option barriers. In
USD/JPY the 120.00 barriers continue to captivate market attention, with amounts
reportedly in huge size. Some guesstimates suggest these offers amount to as
much as US$10 yards, with extremely large stops above. A large amount of these
barriers are due to expire at the New York cut,
I'd like to know what yards and cut means?
Yard = Billion?
NY Cut = NY 5PM EST?
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