There are some huge expiries on the calendar today in USD/JPY and that’s what is behind the recent drop.

There is at least $1.5 billion expiring at 99.50 and another $1 billion at 99.00. Other options are said to stretch down into the 80s.

The cut is at 10 am ET (1500 GMT) and has been a driving factor for the past week. That said, every 40-50 pip drop in this pair has resulted in immediate, aggressive buying and those patiently waiting on the sidelines have been left out.