JPY Futures: Room for extra gains
CME Group’s flash data for JPY futures markets showed open interest rose for the second consecutive session on Wednesday, this time by around 22.3K contracts, the largest single day build since January 28th. In the same line, increased for the second straight session, now by around 65.2K contracts.
USD/JPY could attempt a move to 112.40
The sharp advance in USD/JPY on Wednesday (nearly 1.4% on the day) was in tandem with increases in open interest and volume in the (debilitated) Japanese currency, opening the door at the same time for an extension of the bullish move in the short-term horizon. That said, the next hurdle of relevance emerges at April 2019 tops in the 112.40 region.