JPY Futures: potential squeeze higher

Pablo Piovano FXStreet

In light of advanced figures for JPY futures markets, open interest extended the choppy performance on Tuesday, shrinking by just 572 contracts. On the other hand, volume reversed two consecutive daily drops and went up by around 9.3K contracts.

USD/JPY faces strong resistance at 109.00

The ongoing up move in USD/JPY should face a tough resistance in the 109.00 region, while declining open interest amidst JPY weakness hints at the likeliness that some reversion in the trend in the short term.

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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