Open interest in JOY futures markets shrunk for the third session in a row on Friday, now by almost 5.5K contracts. On the other hand, volume rose for the second straight day, now by nearly 58.9K contracts.
USD/JPY decline expected to be short-lived
The ongoing retracement in USD/JPY is expected to be corrective only amidst the recent bout of geopolitical tensions between the US and Iran. Declining open interest in recent sessions amidst negative price action in spot are supportive of this view. That said, October’s low in the mid-106.00s emerges as the next relevant support in case the downside picks up extra pace.
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