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According to flash data for JPY futures markets from CME Group, open interest extended the erratic performance and shrunk by around 4.3K contracts on Monday. On the other hand, volume increased for the third session in a row, this time by nearly 50.8K contracts.

USD/JPY looks to trade for direction

USD/JPY dropped and rebounded from new 2019 lows in the mid-104.00s yesterday in tandem with falling open interest and the continuation of the uptrend in volume. The pair remains is likely to attempt a sideline theme in the near term although another test of the lower end of the range is not ruled out in light of the volatility around the US-China trade war.