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Open interest and volume in JPY futures markets increased by around 48.1K and nearly 53.6K contracts, respectively, on Thursday, as per preliminary figures from CME Group.

USD/JPY now eyes the 200-day SMA at 108.40

Increasing coronavirus concerns continue to lend support to the demand for the safe havens and are forcing USD/JPY to recede further. Against this backdrop, rising open interest and volume in the Japanese yen should remain supportive of a deeper pullback in the short-term horizon to, initially, the 200-day SMA in the 108.40 region.