JPY Futures: further downside likely
|Open interest in JPY futures markets rose for the third straight session on Friday, now by around 2.7K contracts according to flash data from CME Group. Volume, instead, reversed three consecutive builds and shrunk by around 121.1K contracts.
USD/JPY next target still at 108.50
Rising open interest amidst negative price action in JPY should encourage USD/JPY to extend the up move beyond the 108.00 handle, meeting the next relevant resistance at early July peaks in the mid-108.00s. The down tick in volume plus the renewed risk-off tone, however, could play against this potential scenario.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.