CME Group’s advanced data for JPY futures markets saw open interest decreasing by around 5.5K contracts on Friday, recording the second consecutive drop. Volume followed suit and retreated noticeable by around100.2K contracts.
USD/JPY further upside looks unlikely
The upside mood in USD/JPY will likely be put to the test in the next sessions on the back of declining open interest, volume and prices in the Japanese safe haven. That said, while a potential test of the upper end of the range near 107.00 should not be ruled out, further ‘flight-to-safety’ should exacerbate the demand for JPY and encourage a deeper pullback.
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