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In light of preliminary figures for JPY futures markets from CME Group, open interest continued its uptrend on Wednesday, up by almost 3K contracts. Volume, instead, shrunk by nearly 22K contracts, prolonging the choppy performance at the same time.

USD/JPY neutral/bearish near term

Price action around USD/JPY keeps looking to the broader ‘risk-on/risk-off’ trends amidst the ongoing US-China trade war. Erratic activity in volume points to unclear direction in the near term, although persistent increase in open interest could exacerbate a move in either direction.