JPY futures: room for further depreciation

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CME Group’s preliminary figures for JPY futures markets noted open interest extended the downtrend on Wednesday, shrinking by around 2.5K contracts. Volume, on the other hand, reversed the previous drops and rose by around 17.6K contracts.

USD/JPY found support around 109.00

After bottoming out in the 109.00 neighbourhood earlier in the week, USD/JPY is now attempting a bounce amidst a persistent down move in open interest and some choppy activity in volume around the safe haven JPY. That said, further upside momentum is not ruled out and should hinge mainly on US-China trade headlines.

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