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JPY futures: appears consolidative near term

Open interest in JPY futures markets rose by just 860 contracts on Wednesday vs. Tuesday’s final 223,692 contracts, according to CME Group advanced data. Volume, instead, shrunk significantly by around 49.5K contracts.

USD/JPY gains stay capped around 113.20

USD/JPY‘s uptick to the 113.20/25 band on Wednesday was on the back of rising open interest while volume dropped markedly, hinting at the likeliness that this area could become a near term resistance. The broader outlook, however, remains neutral for the time being.

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