JPY futures: neutral/bullish near term

In light of flash data for JPY futures markets from CME Group, open interest rose for the first time after two consecutive daily pullbacks, this time by around 3.5K contracts. On the opposite side, volume extended its up trend, rising by around 22.1K contracts.

USD/JPY so far supported near 109.50

The sharp decline in USD/JPY lost momentum in the mid-109.00s amidst rising open interest and a downtick in volume. That said, while further pullbacks remain well on the cards, some near term consolidation should not be ruled out.