Forex Flash: Position for a USD/JPY pullback via options – TD Securities

FXstreet.com (Barcelona) - The Yen is running very weak today, being the worst performer among the majors on headlines regarding the stepping down of BoJ Governor Shirakawa (the same time as his Deputy Governors' terms expire, but a little over two weeks ahead of the end of his term) and reasons behind such move.

"The notion that the BoJ could be prepping for stronger policy action at their early April meeting is the reason for the weight on the JPY, while overnight news of flaring political tensions with China have only added to the pressure", wrote analyst Richard Kelly, not expecting much extension in the USDJPY rally as much appears to be priced in. "Picking a top looks particularly risky for this pair, however, sowe suggest positioning for a pullback via options", he added.