6 Nov 2019
JPY Futures: room for further downside
Open interest in JPY futures markets rose for the second straight session on Tuesday, this time by nearly 13.8K contracts according to advanced data from CME Group. This was the largest single day increase since April 12th. In the same line, volume went up by nearly 51K contracts following two consecutive pullbacks.
USD/JPY ready to test 109.30
The persistent sell off in the Japanese safe haven was in tandem with rising open interest and volume, exposing USD/JPY to further upside with the next target at the October’s peak near 109.30 in the near term.
