Home JPY futures: scope for a squeeze higher near term

JPY futures: scope for a squeeze higher near term

Updated: 1 Feb. 2019 | 07:27

CME Group’s flash data for JPY futures markets noted open interest shrunk by nearly 1.1K contracts on Thursday vs. Friday’s final 200,534 contracts, recording the fourth consecutive drop. Volume, in the meantime, retreated by more than 23K contracts, extending the choppy performance.

USD/JPY met support around 108.50

The recent move lower in USD/JPY was accompanied by declining open interest and volume, removing tailwinds from the upside momentum in JPY. That said, the mid-108.00s has emerged as a decent support and could now allow for a near term bull run.

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