JPY Futures: rebound in the offing?
In light of advanced figures for JPY futures markets from CME Group, open interest shrunk by almost 24.3K contracts on Friday after two builds in a row. Volume followed suit and went down for the second consecutive session, this time by around 30.6K contracts.
USD/JPY could still test 110.00
The move up in USD/JPY remains propped up by the selling bias surrounding the Japanese safe haven. However, the recent depreciation of the yen was accompanied by declining open interest and volume, all indicative that the upside momentum could reverse direction – albeit temporarily – in the short-term horizon.