JPY Futures: probable U-turn on the cards
|Flash data for JPY futures markets from CME Group noted investors scaled back their open interest positions by around 3.2K contracts at the beginning of the week, recording the third consecutive drop. In the same direction, volume retreated by around 27.1K contracts, reaching the second drop in a row.
USD/JPY next barrier lies at 100-day SMA at 108.20
The up move USD/JPY has surpassed the 107.00 hurdle amidst declining open interest and volume in the Japanese safe haven, opening the door at the same time for a potential correction lower in the near term. The next target of relevance emerges at the 100-day SMA in the 108.20 area and the 5-month resistance line in the 108.00 neighbourhood.
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