JPY Futures: scope for extra decline

Pablo Piovano FXStreet

Open interest in JPY futures markets rose for the second straight session on Friday, now by almost 6.8K contracts, noted preliminary data from CME Group. In the same line, volume increased for another day, now by around 1.4K contracts.

USD/JPY needs to clear 108.50 for extra gains

USD/JPY advanced above 108.50 on Friday but failed to close above this level. Rising open interest and volume coupled with negative price action in the Japanese safe haven should keep the upside pressure on the pair intact for the time being. That said, the next key hurdle emerges at the 200-day SMA just above 109.00 the figure.

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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