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JPY Futures: Gains still look limited

Open interest retreated for the second consecutive day on Thursday, this time by around 5.8K contracts, according to flash data from CME Group. On the other hand, volume reversed the previous drop and went up by nearly 64.5K contracts.

USD/JPY sees the downside contained above 109.00

USD/JPY’s pullback on Thursday was amidst declining open interest in the Japanese safe haven, which signals diminishing odds for a deeper retracement. That said, the spot is expected to resume the upside and retake the 110.00 neighbourhood and above in the near-term. On the downside, the 55-day SMA in the 109.10 region is seen offering a tough support.

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