JPY Futures: Extra downside on the cards
|In light of advanced readings of JPY futures markets from CME Group, open interest rose for the second consecutive session on Thursday, now by around 7.4K contracts. On the other hand, volume dropped once again, now by around 6.3K contracts.
USD/JPY could attempt a move to the 110.70 region
The better tone in the riskier assets keep fuelling the selling bias in the Japanese safe haven. This, coupled with rising open interest opens the door for the continuation of the move up in USD/JPY to, initially, the 110.70 region, or May 2019 highs. Decreasing volume, on the other hand, could remove some tailwinds from the expected upside.
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