JPY Futures: Scope for extra appreciation
In light of preliminary readings from CME Group, open interest in the Japanese safe haven reversed seven consecutive drops and increased by around 6.2K contracts on Friday. In the same line, volume went up by the second session in a row, this time by nearly 13.4K contracts.
USD/JPY could re-visit 107.65
Increasing open interest and volume amidst positive price action in the yen hint at the likeliness that further gains could be in the pipeline for the safe haven, opening the door to USD/JPY for a move to 2020 lows at 107.65 in the near-term.