USD/JPY futures: further decline not ruled out
|CME Group’s preliminary data for JPY futures markets noted investors added almost 6K contracts to their open interest positions, reaching the third build in a row. Volume, instead, shrunk for the second session in a row, this time by around 10.8K contracts.
USD/JPY could see some rebound near term
USD/JPY remains highly dependent on US-China trade developments and the performance of US yields. Yesterday’s drop to fresh lows and the subsequent rebound was in tandem with rising open interest and declining volume, which could allow for some near term consolidation while a potential squeeze higher remains well on the cards.
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