DislikedUSDJPY is testing a S/R level as well. Fun to see which one will win or lose the battleIgnored
08:53 USD/JPY: Option Triggers at 108.50 the Target London, February 14. A Japanese bank has reportedly been on the bid side of USD/JPY all day and remains so at present. However, Japanese offers at 108.40 have kept the topside in check throughout (108.01/37 the daily range). Key focus is the 108.50 level, where another batch of option barriers sit and more offers are therefore anticipated into this level. Of note, however, is the impending US bond redemptions (due Friday) that we mentioned earlier this week. The repatriation of monies (Japanese funds thought to be due some USD 20bln) should see some decent offers emerging in to the end of the week. [email protected] /PS