JPY Futures: scope for extra losses

Pablo Piovano FXStreet

Open interest in JPY futures markets rose by more than 700 contracts on Tuesday, reaching the second build in a row according to flash data from CME Group. In the same direction, volume went uo by around 74K contracts following two consecutive pullbacks.

USD/JPY could extend the bounce to 108.00 and above

USD/JPY bounced off 5-month lows on Tuesday amidst rising open interest and volume in the Japanese currency. That said, further upside in spot is expected in the short-term horizon with the next target at the 10-day SMA at 107.84.

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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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