JPY Futures: bullish/neutral in the short-term

CME Group’s flash data for JPY futures markets showed open interest rose by around 3.7K contracts on Tuesday following two consecutive drops. Volume followed suit, up by nearly 88K contracts after three drops in a row.

USD/JPY: a test of 107.80 not ruled out

USD/JPY is extending the multi-session sideline theme above the 108.00 mark so far this week. However, rising open interest and volume in the Japanese currency carries the potential for extra gains and thus a move lower in spot with initial target in the 107.80 region should not be discarded.