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CME Group IncYen's Rise Gains Momentum; Dollar Selling May Accelerate if 155 Breached - CME Analysis
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CME Group noted that the recent yen appreciation was accelerated by the triggering of dollar-selling options, and revealed that demand for options with a strike price of 155 yen per dollar has been building up over the past three days. If that level is breached, dollar selling could accelerate further. The most actively traded option in the market on the third was the next-day dollar-selling option with a strike price of 155 yen, and the dollar-yen rate temporarily fell 2.1% to 155.34 yen, the lowest since August 3. If the pair falls below 155.23 yen, it would surpass the level seen during the recent yen-buying intervention, and since Japan did not allow the yen to strengthen beyond 155 during its previous intervention in April, the market views 155 as a key resistance line. CME explained that after the pair broke below 156.25 yen, which had attracted strong demand earlier in the day, interest in options with a strike price of 155 yen increased.
CME Group Inc