According to flash data for JOY futures markets from CME Group, open interest dropped by almost 4.3K contracts on Friday from Thursday’s final 238,449 contracts. In the same direction, volume shrunk by nearly 10k contracts.
USD/JPY: next stop 114.50?
USD/JPY just clinched fresh 2018 tops beyond 114.00 the figure. However, Friday’s up move was on the back of diminishing open interest and volume, hinting at the likelihood of some exhaustion in the rally. Reinforcing this view, spot entered into the overbought territory, which should prompt some correction in the near term.
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