CME Group’s advanced data for JPY futures markets noted open interest shrunk for the second consecutive session on Thursday, this time by just 529 contracts. On the other hand, volume prolonged the erratic performance and rose by around 19.1K contracts.
USD/JPY does not rule out a move below 106.50
USD/JPY has been trading on the back foot since Tuesday. Thursday’s negative price action was amidst declining open interest in the Japanese safe haven, noting that the downside momentum could be running out of gas. However, another uptick in volume could motivate spot to re-test weekly lows in the mid-106.00s.
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