JPY Futures: upside appears limited

Pablo Piovano FXStreet

In light of advanced data for JPY futures markets from CME Group, open interest and volume shrunk by nearly 1.1K contracts and almost 47.5K contracts, respectively, on Monday.

USD/JPY looks supported around 109.00

The recent correction lower in USD/JPY was in tandem with declining open interest and volume in the safe haven JPY, noting that further appreciation of the safe haven looks unlikely for the time being. That said, the pair is expected to meet decent and initial contention around the 109.00 neighbourhood, where sits the key 100-day SMA.

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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