JPY Futures: further downside not ruled out
In light of advanced figures from CME Group, open interest in JPY futures markets increased by around 17.1K contracts on Monday m resuming the upside following Friday’s drop. On the opposite direction, volume retreated for the third session in a row, now by nearly 16.9K contracts.
USD/JPY faces the next hurdle at 110.70
USD/JPY managed to surpass the psychological handle at 110.00 the figure supported by rising open interest in tandem with increasing selling pressure in the Japanese safe haven, all amidst the favourable context for the riskier assets. That said, the continuation of the uptrend should meet resistance at late May 2019 highs near 110.70. The pullback in volume, however, could slow the pace of the upside and trigger some consolidation in the short-term horizon.