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.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.