Open interest in JPY futures markets went up markedly by nearly 172K contracts on Tuesday, reversing six consecutive pullbacks according to advanced figures from CME Group. Volume, instead, shrunk for the second straight session, now by almost 34K contracts.
USD/JPY does not rule out further weakness
USD/JPY’s negative price action on Tuesday came along rising open interest in the Japanese safe haven, hinting at the likeliness that further downside could well remain in the pipeline. That said, a move to the October 2019 low in the mid-106.00s should not be discarded just yet.
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