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Friday, December 08, 2006

USD/JPY: Hangs Over 115.00 Ahead Of NY Cut

USD/JPY hangs over the 115.00 handle ahead of the NY cut. A very large plain vanilla strike is due to roll off at this level, along with open interest at 114.90 and 115.25 in modest size. USD/JPY looks as if it wants to test levels below the 115.00 handle, yet dollar price action appears to be linked heavily to large EUR/USD options interest at 1.3350.

Sellers of USD/JPY have included macro name and a large Middle Eastern player. Bids of noted in good size from 114.75/80 and into 114.50 from Japanese commercial accounts.

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