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Open interest in JPY futures markets increased by around 3.3K contracts on Tuesday, reversing at the same time three consecutive drops, according to advanced data from CME Group. Volume, too, rose by around 9.5K contracts after two pullbacks in a row.

USD/JPY looks neutral/bearish

The erratic performance in USD/JPY is supported by unclear activity in open interest and volume. That said, further rangebound is thus expected in the near term although bouts of weakness due to trade jitters should not be discarded for the time being.