JPY futures: extra gains looks unlikely

Pablo Piovano FXStreet

Open interest in JPY futures markets from CME Group shrunk by just 76 contracts on Thursday from Wednesday’s final 159,170 contracts. In the same direction, volume decreased by nearly 15.5K contracts, reversing two consecutive daily builds.

USD/JPY contained near 102.30, 55-day SMA

The recent decline in USD/JPY was in tandem with declining open interest and volume, allowing for a potential rebound in the near term, while decent support around 110.30 – the 55-day SMA – seems to add to this view.

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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