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Open interest in JPY futures markets dropped for the third session in a row on Wednesday, this time by around 5.3K contracts vs. Tuesday’s final 253,374 contracts, according to flash figures from CME Group. Volume rose for the second straight session by more than 19.2K contracts.

USD/JPY further rangebound likely

USD/JPY is recovering some ground lost following the sell off in past sessions. Yesterday’s down move was in tandem with decreasing open interest and higher volume, opening the door for a some consolidation in the near term ahead of potential extra gains.