By Giles Coghlan, Chief Currency Analyst at HYCM

Large options in play today on the USDJPY. Expect the option levels to act like magnets with pushing and repelling price. Look for price action around these levels running up to the NY cut and also watch for the reaction away from the levels once the NY cut passed (15:00GMT).
Levels marked below:

• 1.3bln opt’n USDJPY@108.65-75
• 2.7bln opt’n USDJPY@108.40-50