Open interest in JPY futures markets rose by just 420 contracts on Wednesday vs. Thursday’s final 230,524 contracts, the third consecutive build according to CME Group flash data. Volume followed suit, up by nearly 19K contracts for the first time after three drops in a row.
USD/JPY looks south and beyond
Yesterday’s drop in USD/JPY was in tandem with rising open interest and volume, pointing to the likelihood of further upside in the Japanese safe haven, in turn exposing the pair to the resumption of the leg lower.
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