JPY Call bias continues to strengthen - risk reversals

The USD/JPY one-month 25 delta risk reversals show the demand for bullish bets on the Japanese Yen continues to rise. 

The risk reversals were paid at JPY 2.15 Calls yesterday vs. JPY 1.813 Calls on the previous day. At 2.15, the JPY call bias is strongest since May 2017, indicating the options market is super bullish on the Japanese Yen. 

Risk reversals chart