CME Group’s flash data for JPY futures markets noted open interest extended the up move on Monday, up by 874 contracts. On the other hand, volume shrunk for the third day in a row, this time by around 31.7K contracts.
USD/JPY a test below 105.00 is not ruled out
USD/JPY remains under downside pressure supported by the persistent ‘flight-to-safety’ mood in the global markets. Yesterday’s negative price action in spot came in line with another build in open interest, allowing for the underlying bearish trend to remain in place. Of note, however, is the continuous decline in volume, which could allow for some near term consolidation or occasional bullish attempts.
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