JPY Futures: Extra upside lacks momentum

Pablo Piovano FXStreet

Investors trimmed their open interest positions by nearly 1.8K contracts on Wednesday, reaching the sixth consecutive drop according to advanced data from CME Group. In the same line, volume went down by around 25.1K contracts, the second drop in a row.

USD/JPY seen supported near 108.70

The decline in USD/JPY is seen facing the next significant contention in the 108.70 region against the backdrop of shrinking open interest and volume in the Japanese safe haven. In that area coincide the 100-day SMA, a Fibi retracement of the January rally and weekly lows.

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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