Nice edge on dollar-yen upside no touch

Oanda is offering cheap no-touches on yen tonight. Even with the Fed this is approximately 70bp under atm vol fairval at 79/100 paid.

USDJPY 91.85 no touch
Expiration: 6/27/10 at 20:00 EDT
Payoff: 79 pays 100 if not touched

I may buy 10 deltas in spot, but will likely leave it unhedged:

 

90.13, looking good for the bear no-touch.

 

79 did look cheap... If I am not mistaken, I was seeing 85/88 mkt. Could be me pricing a different contract, obv, since I don't have access to Oanda.

 

Yeah, Fenics/UBS was 86-bid last night.

 

Bought 5 deltas USDJPY at 90.12.