JPY futures: still in consolidative mode

Flash data for JPY futures markets from CME Group noted open interest dropped by nearly 2.3K contracts on Wednesday vs. Tuesday’s final 211,926 contracts. On the other hand, volume rose by almost 4.7K contracts.

USD/JPY supported near 111.60

The ongoing recovery in USD/JPY was on the back of shrinking open interest and higher volume, hinting at the idea that further consolidation remains on the cards for the time being. Strong support, however, emerged near recent lows around 111.60, coincident with the 55-day SMA and close to the top of the daily cloud.