JPY Futures: Consolidation likely near term
CME Group’s flash data for JPY futures markets noted open interest rose for the second session in a row on Wednesday, now by around 2.5K contracts. On the opposite side, volume went down for the second straight day, this time by almost 31.3K contracts.
USD/JPY: Further pullbacks are not ruled out
USD/JPY charted an inconclusive session on Wednesday amidst rising open interest and volume. That said, the scenario of extra rangebound looks likely although further decline should not be discarded.