In light of flash figures for JPY futures markets from CME Group, open interest went down by just 392 contracts on Friday, reversing fourth consecutive daily builds. In the same line, volume dropped by almost 60.5K contracts, prolonging the erratic performance.
USD/JPY still targets the 110.00 region
USD/JPY is receding from recent fresh 6-month tops in the mid-109.00s (Friday) amidst shrinking open interest and volume accompanying the recent appreciation in the Japanese safe haven. That said, while the yen is seeing some support from uncertainty in the US-China ‘Phase One’ deal today, market expectations appear to be on the positive side of the outcome for the time being. This, in turn, should be supportive of the resumption of the selling pressure in JPY in the near term.
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