USD/JPY is taking bids to retake an intraday high near 130.00 during early Monday in Europe as buyers hold the reins after taking positions at eight-month lows last week.
Meanwhile, the yen pair is watching positive signals from the options market to lure buyers. This means that the one-month risk reversal (RR), a measure of calls versus puts, will print the strongest RR readings since late October 2022.
This means that the one-month RR rose to the +0.820 level at the latest on a weekly basis, testing the highest bullish level since October 28, 2022. On the daily format, the RR posted modest gains around +0.185.
Thus, the major options market players are bullish on USD/JPY prices, even though the pair is yet to show a confirmatory rebound from the multi-day high.
Also read: USD/JPY shows 129.00 on BoJ minutes, focus on US GDP, Tokyo inflation
