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JPY futures: further strength likely

In light of flash figures for JPY futures markets from CME Group, open interest rose for the second session in a row, this time by nearly 8.7K contracts on Wednesday from Tuesday’s final 216,224 contracts. Volume also rose by around 106.5K contracts, reverting two consecutive drops.

USD/JPY remains under pressure

Risk-off trade has given a boost to the demand for the safe haven JPY in past hours, dragging USD/JPY to sub-106.00 levels for the first time since March 2018 and paving the way for the continuation of the leg lower. This view is reinforced by rising open interest and volume.

USD/JPY forms a temporary base near the 106.90-107.00 region

   •  Fresh global growth worries trigger 'flash crash' during the Asian session.    •  Thin liquidity exacerbates the move and triggers massive stop
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