In light of preliminary figures for JPY futures markets, open interest extended the uptrend for yet another session, this time by around 2.8K contracts. In the same direction, volume rose significantly by around 96.3K contracts, reversing three drops in a row at the same time.
USD/JPY potential test of 107.00 and beyond
Alleviated trade concerns undermined the bid tone in the Japanese safe haven and boosted USD/JPY well above 106.00 the figure on Tuesday amidst rising open interest and volume. Against this backdrop, a potential move to the 107.00 area should not be ruled out in the short-term horizon.
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