Trader talk: the pressure on the yenGustave Rieunier
Saxo Bank traders are seeing a great deal of interest in the Dollar/Yen trade ahead of elections in Japan on Sunday. In the FX Options Market, they're seeing many people trying to buy one, two and three week upside options with a strike ranging from 102 to 105.
Earlier, there was a big sell off in the Nikkei index. There's speculation that was triggered by a large stop loss order.
Elsewhere, markets are fairly subdued. With little European data to give direction, traders are looking at ranges of between 1.3080 and 1.3180.