In light of flash data for JPY futures markets from CME Group, open interest rose for the third session in a row, this time by more than 5.3K contracts on Thursday from Wednesday’s final 224,249 contracts. Volume followed suit, up by nearly 78.6K contracts.
USD/JPY poised for extra retracements
USD/JPY has started the year on a negative note amidst rising demand for the safe haven Yen in a context of generalized unease in the global markets. Increasing open interest and volume opens the door for the continuation of the bid tone in JPY, in turn favouring a potential deeper correction in spot.