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Flash data from CME Group noted open interest in JPY futures markets rose by almost 5.5K contracts on Wednesday vs. Tuesday’s final 252,277 contracts. In the same direction, volume advanced by around 3.7K contracts, recording the second consecutive build.

USD/JPY still eyes 114.70 and above

The up trend in USD/JPY remains well and sound amidst rising open interest and volume, a bullish sign that opens the door for a potential test of November 2017 tops at 114.74. However, the current overbought condition could trigger some selling orders in the very near term.