💹USD/JPY Overnight Volatility Rises to Highest Since 2016: Cable FX Macro

• Demand in options market for the dollar-yen cross sent O/N volatility to the highest since 2016 at 50.36% as market participants anticipate to hear from the Bank of Japan on Wednesday

• 1-week USD/JPY risk reversals favour puts at 1.672. Yen is currently trading higher to the dollar at 128.20, up 38p on the session