Open interest in JPY futures markets rose for the fifth consecutive day on Wednesday, now by just 414 contracts, according to advanced data from CME Group. In the same direction, volume rose by around 7.7K contracts for the first time after three drops in a row.
USD/JPY does not rule out another test of 105.50
Yesterday’s drop and rebound from the mid-105.00s in USD/JPY was in tandem with rising open interest and volume, which could allow for some consolidation in the 106.00 neighbourhood in the very near term and always looking to developments from the US-China trade front. However, and amidst the ongoin ‘flight-to-safety’ environment, a new visit to recent lows in the 105.50 region should not be discarded just yet.
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