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Open interest in JPY futures markets shrunk by 2.3K contracts on Monday according to advanced data from CME Group. In the same line, volume dropped by nearly 91.8K contracts following two consecutive daily builds.

USD/JPY still faces strong hurdle at 108.50

The recent up move in USD/JPY met resistance in the mid-108.00s amidst declining open interest and volume in the Japanese safe haven. That said, a deeper correction is not ruled out in the near term while the 108.50 region still emerges as a key resistance.