JPY Futures: potential for extra appreciation
|Open interest in JPY futures markets went down significantly by around 34K contracts on Wednesday, according to flash data from CME Group. Volume, instead, rose by just 356 contracts after three consecutive pullbacks.
USD/JPY faces strong resistance at 108.50
The moderate up move in USD/JPY met a tough resistance in the mid-108.00s so far. Declining open interest warns against the continuation of the rally in spot and favours some near term correction to, initially, Monday’s low at 107.44.
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