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JPY Futures: further downside likely

Open interest in JPY futures markets rose for the third straight session on Friday, now by around 2.7K contracts according to flash data from CME Group. Volume, instead, reversed three consecutive builds and shrunk by around 121.1K contracts.

USD/JPY next target still at 108.50

Rising open interest amidst negative price action in JPY should encourage USD/JPY to extend the up move beyond the 108.00 handle, meeting the next relevant resistance at early July peaks in the mid-108.00s. The down tick in volume plus the renewed risk-off tone, however, could play against this potential scenario.

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