JPY futures: scope for further strength

CME Group’s preliminary figures for JPY futures noted open interest dropped by around 2.1K contracts on Friday from Thursday’s final 229,467 contracts. In the same direction, volume decreased by around 44.2K contracts.

USD/JPY extra retracements likely

Upside momentum in USD/JPY remains unconvincing in light of declining opening interest and volume, which should keep spot under pressure and favour depper pullbacks in the near term.