JPY Futures: neutral/bullish short-term

Open interest in JPY futures markets rose for the second consecutive day on Wednesday, although by just 477 contracts. Volume, instead, shrunk by around 8.8K contracts, recording the second straight drop at the same time.

USD/JPY should not rule out a test of 107.00

USD/JPY appears to have met decent support in the mid-107.00s so far this week. However, rising volume in the Japanese safe haven allows for further downside in spot, while shrinking volume could point to some consolidation at the same time.