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  • The one-month 25 delta risk reversals rose to -1.10 – the highest level since June 15.  
  • Rising risk reversals indicate falling JPY call (bullish bets) demand.

The USD/JPY one-month 25 delta risk reversals (JPY1MRR) hit a three-week high of -1.10 on Monday, indicating the markets are not overly concerned with downside in the USD/JPY as yet.  

The rise from the recent low of -1.60 to -1.10 represents falling demand or falling implied volatility premium for JPY calls.  

JPY1MRR