USD/JPY: Plenty of headwinds ahead of 109.00

Very large offers were spotted overnight on interbank platforms on the approach to 109.00, confirming that there will be significant defence of barrier options at that level. Bids are likely to be pretty solid now at 108.10/20.

It is risk-off Friday, so we may get some position reduction ahead of the weekend. Perhaps some consolidative range trading for today?

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