USD/JPY – Consolidating around 102.50 amid big option expiry

There is a $2.11 billion expiry at 102.50 in USD/JPY for today’s NY cut (15:00 London time), which will likely attract price given the lack of Tier 1 data releases.

Dealers in Asia reported bids towards 102.30 with stops resting beneath and again through 102.10. To the topside, offers in good size from 102.90 to 103.10.

Overall, I expect a 102.30-102.75 range for today.

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