USD/JPY: Barrier defence still in play at 97.00
The market’s biggest player is reportedly defending a 97.00/104.00 double-no-touch option and prices are edging ever closer to the big showdown. I wouldn’t be surprised if it’s trading 97.02/03, your amount either side, in a few hours time! The question then will be, who blinks first?
My money is on the giant Panda and I’m long with a stop below 96.80.
Interesting that, after a very quiet period over the last 12 months, the same player was a very noted buyer of EUR/USD below 1.3000 last week.