USD/JPY: Market still eyeing big barriers ahead of 110.00

There were plenty of reports in the FXWW chatroom yesterday of very large offers at 109.74/75, protecting an option play at 109.75 (the market needs to trade through the exact level in order to trigger the pay-out). There will be another possibly even bigger barrier at 110.00.

USD sentiment remains buoyant and further attempts to take out these levels seem inevitable.

Personally I’m waiting for a reversal opportunity if/when we get an exhaustive spike.

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