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Open interest in JPY futures markets shrunk for the second straight session on Tuesday, this time by almost 2.8K contracts. In the same line, volume decreased by around 11.1K contracts.

USD/JPY faces resistance at 109.15, 55-day SMA

The rally in USD/JPY stays well and sound so far today and is approaching the key 109.00 handle. However, a correction lower in spot appears likely on the back of declining open interest and volume, while the 55-day SMA at 109.15 should offer initial resistance.