USD/JPY picks up bids towards the weekly high around 136.40 ahead of Wednesday’s European session amid the market’s anxiety ahead of key data/events, which in turn underpins the US dollar buying.

Also read: USD/JPY slips beneath 136.00 on upbeat Japan Retail Trade, softer yields, focus on Fed’s Powell

In addition to the cautious mood ahead of the key monetary policy discussions among the central bankers from the US, the UK and European Union (EU) at the ECB Forum, options market signals for the USD/JPY also propel the pair’s prices of late.

That said, the highest daily risk reversal (RR) for the USD/JPY in eight days, as per the ratio between call and put premiums, keeps the pair buyers hopeful.

That said, the daily RR snapped a five-day downtrend while rising to 0.110 by the end of Tuesday, the highest since June 17, whereas the weekly print also prints gains for the first time in three, up 0.030 by the press time.

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