JPY futures: room for a probable squeeze higher

Pablo Piovano FXStreet

Open interest in JPY futures markets dropped for yet another session on Thursday, this time by around 1.2K contracts. In the same line, volume resumed the downside and shrunk by nearly 31.8K contracts.

USD/JPY upside capped by 110.00

The recent recovery in USD/JPY could face some headwinds as shrinking open interest and volume coupled with the downtrend in the safe haven currency hints at the likelihood of a reversion in the short-term horizon. That said, the psychological 110.00 handle remains as the next hurdle of relevance.

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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