JPY Futures: Extra gains appear short-lived
Open interest in JPY futures markets rose by 7.6K contracts on Tuesday according to advanced figures from CME Group. In the same line, volume reversed three consecutive daily drops and increased by nearly 82.1K contracts.
USD/JPY still targets the 110.70 region
Despite the negative price action on Tuesday, USD/JPY managed to rebound from daily lows amidst rising open interest and volume in the Japanese currency. That said, the rebound carries the potential to extend further north of the 110.00 mark and resume its march to the next target at the 110.65/70 band.