JPY futures: downside could be losing momentum
|Flash data for JPY futures markets from CME Group noted open interest declined for the third session in a row, this time by nearly 1.3K contracts on Monday from Friday’s final 188,278 contracts. On the other hand, volume reverted the previous drop and rose by almost 17.2K contracts.
USD/JPY faces strong resistance at 200-day SMA near 111.30
USD/JPY managed to surpass the psychological 110.00 handle on a convincing fashion amidst erratic activity in volume and a persistent drop in open interest. That said, while further upside in spot is not ruled out, the continuous retreat in open interest could remove some tailwinds from the up move and provoke failure.
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