Open interest in JPY futures markets shrunk by nearly 1.1K contracts on Friday, prolonging the erratic performance seen as of late. Same scenario around volume, which ticked higher by around 38.5K contracts.
USD/JPY now looks to 110.00
The recent decline in USD/JPY appears to have met support near the key 109.00 handle. Declining open interest and volume should remove tailwinds from further JPY appreciation and could allow for another test of the 110.00 mark in the near term.