JPY Futures: Further depreciation likely
Traders added just 122 contracts to their open interest positions on Monday, reaching the second consecutive session in light of the flash readings from CME Group. Volume, too, went up by almost 40.5K contracts, reversing the previous drop.
USD/JPY on its way to 112.00
USD/JPY managed to close above the 111.00 mark at the beginning of the week amidst rising open interest and volume in the Japanese safe haven. That said, further upside remains on the cards, with the next hurdle of relevance in the 122.20/25 band, or yearly highs (February 20).