JPY Futures: further appreciation looks likely

Pablo Piovano FXStreet

CME Group’s advanced figures for JPY futures markets saw open interest rising by almost 9.9K contracts on Friday in combination with the second consecutive build in volume, this time by around 89.5K contracts.

USD/JPY risks a drop to the 104.60 region

USD/JPY is recovering some ground lost on Friday’s sell off and is extending the rebound from earlier new 2019 lows in the mid-104.00s. Increasing open interest and volume in the Japanese safe haven in combination with negative price action on Friday leaves the pair exposed to further declines on further deterioration of the trade scenario. Against this backdrop, the next target emerges at 2018 lows in the 104.60 area.

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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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