JPY futures: upside could be limited

CME Group’s advanced data for JPY futures markets noted open interest shrunk for the second straight session on Wednesday, now by around 1.6K contracts. Volume followed suit and decreased by more than 29K contracts.

USD/JPY seen supported near 110.00

The recent appreciation of the Japanese safe haven looks under pressure in light of declining open interest and lack of direction in volume. Extra downside should, initially, meet contention in the 110.00 neighbourhood.