Open interest in JPY futures markets rose by more than 700 contracts on Tuesday, reaching the second build in a row according to flash data from CME Group. In the same direction, volume went uo by around 74K contracts following two consecutive pullbacks.
USD/JPY could extend the bounce to 108.00 and above
USD/JPY bounced off 5-month lows on Tuesday amidst rising open interest and volume in the Japanese currency. That said, further upside in spot is expected in the short-term horizon with the next target at the 10-day SMA at 107.84.
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