USDJPY running into option-related supply 1 Mar
Stop me if you've heard this one before but further to my earlier posts on EURUSD and GBPJPY we've now seen USDJPY cap at 107.05 to post 106.91 again with the option-related supply holding and sending GBPJPY down too.
That GBPJPY supply has in turn pushed GBPUSD back down to 1.3742 from 1.3775 and EURUSD down to 1.2168 from 1.2195 .
I did warn about the option expiry impact and potential fade and said I remain a GBPUSD, GBPJPY and USDJPY rally seller. That's proven a useful strategy again. I hope some of you took heed.
US Fed head Powell up for his testimony at 15.00 GMT too.
Remember these are vanilla options and in play right up until expiry even if breached in the meantime unlike barrier options which cease to be once broken.
For more info on how to use this all data, please refer to my post here.
My work is done here for the day. See you again tomorrow and I wish you positive pips as always.
