According to flash data for JPY futures markets from CME Group, open interest rose by nearly 4.4K contracts on Thursday, prolonging the choppy activity. In the same direction, volume increased the most since May 31, up by almost 110K contracts following Trump’s decision to impose extra tariffs on Chinese products yesterday.
USD/JPY does not rule out a test of 106.78
USD/JPY corrected sharply lower yesterday and is today’s price action is showing a continuation of that trend amidst rising volume and open interest in the Japanese currency. That said, a potential test of June’s low at 106.78 has now returned to the radar.
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