USD/JPY – only shallow dips likely today

We’re already seeing the bids come in ahead of and around 96.00 – any dip below 96.00 should only be shallow as there are dealer reports of bids layered on the downside.

Topside offers 96.50, 96.75 and 97.00 are all option-related, there are not may reports of non-option related selling so far.

As a note, for the 10am NY cut (1400GMT) today, which is obviously a good way off, there are vanilla option expiries at 95.95, 95.80 and 96.00

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