Open interest in JPY futures markets dropped once again on Wednesday, this time by nearly 6.9K contracts vs. Tuesday’s final 212,563 contracts, according to flash data from CME Group. In the same line, volume shrunk by more than 26K contracts amidst the erratic activity.
USD/JPY faces strong hurdle at 110.00
USD/JPY continues its march north and is already trading at shouting distance from the psychological handle at 110.00 the figure. Declining open interest and volume coupled with JPY depreciation could hint at the likeliness that a U-turn could be in the offing.