JPY Futures: probable correction lower near term

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Open interest in JPY futures markets decreased by nearly 37.8K contracts on Wednesday, prolonging the choppy activity seen in past weeks. In the same direction, volume went down by around 34.5K contracts, also amidst an erratic performance.

USD/JPY could bounce and test the 10-day SMA at 108.30

USD/JPY is losing ground for the third session in a row today, although declining open interest and volume in the safe haven currency could spark a squeeze higher in the short-term horizon. The duration and extent of this move, however, looks unclear.

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