JPY Futures: neutral/bullish near term
In light of advanced readings for JPY futures markets from CME Group, open interest rose by around 4.3K contracts on Wednesday, leaving behind the previous drop. Volume, instead, extended the choppy performance and shrunk by around 33.8K contracts.
USD/JPY could have carved an interim top
USD/JPY’s negative price action on Wednesday was in tandem with rising open interest and declining volume in the Japanese safe haven. Against this backdrop, further consolidation appears likely ahead of a move lower, leaving the 110.20 area (Tuesday) as an interim top for the time being.