This report from Bloomberg looks at how the option market is starting to increase it’s bets on a strengthening of the JPY in coming months. This is the start of a bullish-JPY trend which may take some weeks or even months to mature in my view. The market takes a while before it can get saturated with one-directional positions. When you hear the analysts who were bullish USD/JPY at 92/95 start to turn bearish, then you know the move has matured and it’s time to turn contrarian. In my opinion that will happen when USD/JPY is trading close to 70.00, sometime early in the New Year.