USD/JPY vols tick up as spot struggles to rally. The lack of upside movement has increase the pressure on 116.25 bids, with US names increasing their selling interest. 1-wk vols are underpinned at 10.25/11.00 and the 1-mth contract has recaptured the 9% handle and currently indicates 9.05/9.35.
Interest has been mixed today, with O/N given down to 12.75% and the 1-wk seeing good two-way interest over the course of the session. 1-mth 25-d JPY calls traded as higher as 1.8% via the risk reversals, while interest in the opposite direction has seen 1-mth 15-d JPY puts trade up to 7.9% in USD 200 million. Monday 115.70 strikes changed hands and 24th April 117.00 interest has also been noted, along with selling of 119.15 strike for 25th May.
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