JPY Futures: further declines on the cards

CME Group’s advanced data for JPY futures markets noted investors trimmed their open interest positions by around 2.1K contracts on Friday, reversing three consecutive daily builds at the same time. In the same direction, volume shrunk by more than 21K contracts, extending the choppy activity.

USD/JPY now targets 108.00 and beyond

USD/JPY is expected to remain on the upside in light of declining open interest and volume in the Japanese safe haven in the last couple of sessions. That said, the next target emerges at the 108.00 handle and above in the short term.