Open interest in JPY futures markets dropped by around 4.1K contracts on Wednesday, clinching the third consecutive drop according to flash data from CME Group. On the other hand, volume reverted two consecutive declines, rising by around 61K contracts.
USD/JPY poised for a deeper retracement
USD/JPY is down for the second consecutive session today on the back of renewed USD-weakness following the FOMC event. Shrinking open interest could cap JPY strength somewhat, although the important raise in volume hints at the likelihood that extra gains remain in the pipeline.
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