JPY futures: downside looks limited

Investors scaled back their open interest positions in JPY futures markets by nearly 4.5K contracts on Tuesday vs. an increase of almost 26.5K contracts in volume, as per flash data from CME Group.

USD/JPY meets resistance near 110.60

The recovery in USD/JPY appears to have met an important hurdle in the mid-110.00s for the time being. Shrinking open interest calls for a correction lower, although choppy activity in volume could force some consolidation in the short-term horizon.