USD/JPY: Optionality at 75.75 and 75.50

The next downside target will be option barriers at 75.75 and 75.50, with large stops reported below both levels. Despite the ultra-slow momentum, the bears are still in control here with new lows getting posted on Friday night. Look for intraday rallies to sell into but don’t trade too heavily in the first few hours of Tokyo trade, just in case the BOJ step in.