CME Group’s flash data for JPY futures markets showed open interest rose for the third session in a row on Wednesday, this time by around 1.6K contracts. Volume, instead, went down by almost 38/9K contracts.
USD/JPY now targets monthly peaks at 108.80
USD/JPY has reversed the recent pessimism and started a correction higher sustained by rising open interest in tandem with declining prices in the Japanese safe haven. The shift in sentiment around the US-China trade front is mainly collaborating with the up move, while the squeeze higher carries the potential to test monthly tops in the 108.80 area.
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