USD/JPY is little changed at the start of the US session after a lacklustre European morning. The pair is tied to a very narrow trading range, finding support around 121.30, yet struggling to progress beyond 121.50. Option positions at 121.50 may be influencing price action, with little on the data front for traders to focus on.
Bias is still on the upside but there are reports of sizeable selling interest from 121.60 up to 121.80, which may hamper progress. Another failure at 121.60 could increase the risk of a pullback, with a number of accounts happy to book profits after a decent run higher over the last few sessions.
Japanese name interest has been noted at the highs and could accelerate at we enter the weekend. Strikes to note for today NY options cut include 120.00, 120.50, 121.20, 121.50, 122.00 and 122.25.
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