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Open interest in JPY futures markets increased by almost 1.3K contracts on Tuesday according to advanced figures from CME Group, prolonging the choppy activity at the same time. In addition, volume reversed two consecutive drops and went up by around 21.4K contracts.

USD/JPY looks neutral/bearish near term

The correction lower in USD/JPY was on the back of rising both open interest and volume in the Japanese safe haven, allowing for some extra downside in the near term, all within the broader consolidative theme prevailing since mid-May.