JPY Futures: bearish with caution

Open interest in JPY futures markets rose for another session on Wednesday, this time around 5.8K contracts according to advanced figures from CME Group. On the other hand, volume prolonged the choppy performance and went down by around 46.4K contracts.

USD/JPY eyes a test of 107.00

Increasing open interest amidst declining prices in the Japanese safe haven could be supportive of a move higher in USD/JPY with the immediate target at the 107.00 neighbourhood. However, further consolidation is expected to remain well in play on the back of the unconvincing trend in volume.