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#SaxoStrats - Buying short-dated EURJPY put

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May 21, 2015 eur, eur usd, eurgbp, eurjpy, euro, euro area, euro crisis, euro dollar, euro growth, euro rates, euro strength, euro yen, euro zone, eurocrisis, eurodebt, eurodollar, europa, europe, europe gdp, europe growth, european, european banks, european central bank, european central banks, european economy, european growth, european recovery, european union, eurozona, eurozone, eurozone crisis, eurozone economy, eurozone inflation, eurozone recovery, eurusd, eyur, for, foreign exchange, forex, forex buying, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex trade idea, forex trading, forfor, fx, fx forex, fx market, fx markets, fx options, fx strategy, fx trade, fx trade idea, fx trading, jop, jp, jp morgan, jp morgan chase, jp morgan earnings, jp morgan q4, jp morgan shares, jp morgan stock, jpjp, jpjpjp, jpm, jpm eps, jpm results, jpm us, jpmorgan, jpmorgan chase, jpmprgan, jpn, jpy, jpy 110.00, jpy crosses, jpy highs, jpy levels, jpy lows, jpy strength, jpy weakness, jpychf, jpyusd, saxo tv, saxostrats, tarde natgas, tradingfloor.com
Ahead of a Bank of Japan meeting expected to reveal more about BOJ QE forward thinking and an upgrade of GDP, Saxo Bank's Head of FX Strategy John Hardy oulines his trade in EURJPY.

For background John has three key points to make: 
   
"Other recent BoJ comments suggest a relaxation of the timeline for reaching the 2% inflation target and no plans for fresh stimulus.
Recent European Central Bank rhetoric points to front-loading the rate of QE purchases.
Technically, we saw a bearish reversal of the attempt toward the 200-day moving average. Now looking for follow through lower toward Ichimoku cloud. "


Buying EURJPY put option
Strike price 133.75
Expiry May 29
Premium 54 pips
(Spot reference) 134.75
Target (spot) <132.00