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In light of preliminary prints for JPY futures markets from CME Group, open interest and volume rose by nearly 5.5K contracts and almost 75K contracts, respectively, on Tuesday, reversing Friday’s pullback.

USD/JPY does not rule out extra gains

Tuesday’s lack of direction in the price action around USD/JPY was on the back of rising open interest and volume, leaving the outlook somewhat uncertain. That said, risk trends, with the main focus on the COVID-19, are expected to keep ruling the sentiment in the Japanese safe haven while the pair keeps targeting the area above the key 110.00 barrier.

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