JPY futures: upside could lose momentum

Pablo Piovano FXStreet

Flash data for JPY futures markets from CME Group noted investors added around 1.9K contracts to their open interest positions on Wednesday from Tuesday’s final 185,725 contracts. Volume, instead, shrunk for the second session in a row, this time by almost 5.9K contracts.

USD/JPY faces tough resistance at 111.20, 200-day SMA

The persistent depreciation of the Japanese safe haven have lifted USD/JPY to new 2019 highs amidst rising open interest and shrinking volume. That said, while further upside is not ruled out in the near term, bulls are facing a strong resistance at the key 200-day SMA in the 111.20 region.

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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