JPY Futures: downside could be losing traction

Pablo Piovano FXStreet

CME Group’s advanced figures for JPY futures markets noted investors scaled back their open interest positions by just 88 contracts on Wednesday, reversing the previous build. On the other hand, volume rose for the second straight session, now by almost 10.8K contracts.

USD/JPY faces strong resistance at 109.00

The upside impetus in USD/JPY could be losing some momentum in light of declining open interest in the Japanese safe haven and despite the steady activity in volume could suggest some extra gains in the near term. That said, some consolidation is likely to turn up ahead of the critical resistance area in the 109.00 neighbourhood.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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