The big levels just below 1.0220 which we’ve been talking about held firm on Friday night and with a recovery of sorts in USD/JPY underway, those scared bulls like myself are re-considering whether we may in fact have found ‘the base’.
Large stops still reside below 1.0200 but the major option players don’t want the market to trade there and they may get their way. It’s certainly a relatively cheap trade with a potentially excellent risk-reward for the contrarian trader.
