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JPY futures: extra gains remain in the pipeline

FX Street
Updated:

Open interests in JPY futures markets rose by almost 16K contracts on Monday vs. Friday’s final 233,782 contracts, according to preliminary figures from CME Group. On the flip side, volume dropped by the second session in a row, this time by almost 22.4K contracts.

USD/JPY now eyes 114.74

Yesterday’s advance in USD/JPY was in tandem with higher open interest and another pullback in volume. The rally in spot appears solid for the time being and is now targeting November 2017 peak at 114.74. The second drop in volume plus the pair trading in overbought levels could, however, trigger a temporary knee-jerk.

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