JPY futures: downside appears limited

Open interest in JPY futures markets shrunk by around 3.8K contracts on Tuesday while volume went up by around 42.8K contracts, all according to advanced figures for CME Group.

USD/JPY met support at the 55-day SMA

USD/JPY dropped and rebounded from the 55-day SMA on Tuesday amidst choppy performance in both open interest and volume, leaving the door open for further consolidation while a near term squeeze higher cannot be ruled out.