JPY Futures: further downside on the cards

CME Group’s preliminary figures for JPY futures markets noted open interest and volume increased by nearly 2.4K contracts and almost 8K contracts, respectively, on Thursday.

USD/JPY now targets 109.30

USD/JPY keeps the march north unabated for the time being backed by the better tone in the risk-associated complex and rising open interest and volume coupled with negative price action in JPY. That said, further upside in spot looks likely in the short-term horizon, with the next target at August’s peak at 109.31.