Over the last few days I've been making a case for bullish USD and short risk plays. One of the ways I was looking to play this was through USD/JPY options. Just a quick and simple analysis here of the chart shows break higher above 21, 49, and 89 EMA's and clean break of this downtrend we've been in since mid-March and our 50 Period CCI reading just poking above 0. Also we see that 79.00 level playing a big role as support/resistance since Nov. that seems to be holding as support here. Thus, I'm looking for a move higher here back to the previous high's, so Sept 84 Calls trading at about 9.6% vol looks quite attractive giving us just over 3 months to see USD/JPY rally.
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