JPY Futures: Further decline not ruled out

Open interest in JPY futures markets increased for the fourth consecutive session on Tuesday, now by more than 2K contracts according to advanced readings from CME Group. In the same line, volume reversed two drops in a row and increased by around 22.3K contracts.

USD/JPY stays rangebound below 108.30

USD/JPY remains within a broad consolidative theme for the time being. Tuesday’s uptick was in tandem with increasing open interest and volume in the Japanese safe haven. That said, the current scenario is supportive of further consolidation, while bullish attempts are expected to meet strong resistance in the 108.30 region, where sits the 200-day SMA.