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⚠️💱Yen Implieds Look Cheap In 1M Tenor: Cable FX Macro

Writer's picture: Rosbel DuránRosbel Durán
  • USD/JPY 1m implied volatility screens cheap when compared to its respective historical vol measure.1m realized USD/JPY ticks at 8.46, the negative spread compares to the 1y average of 0.75

  • While the negative spread is marginal, it extends into the 3m tenor which covers both BoJ and Fed monetary policy decisions



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