The market has known for months that there were some massive option-related stop-losses below the previous lows at 79.75 and unfortunately those losses were triggered at the most illiquid time of the day, NY close/Sydney open. The market probably moved 3 times more than would have been the case were both Europe and NY in full flow.
Normally I would expect some of this ‘gap’ to be closed over the next day or so but we may need a bit of help from the BOJ to get that done.
