JPY Futures: upside appears limited

In light of advanced data for JPY futures markets from CME Group, open interest and volume shrunk by nearly 1.1K contracts and almost 47.5K contracts, respectively, on Monday.

USD/JPY looks supported around 109.00

The recent correction lower in USD/JPY was in tandem with declining open interest and volume in the safe haven JPY, noting that further appreciation of the safe haven looks unlikely for the time being. That said, the pair is expected to meet decent and initial contention around the 109.00 neighbourhood, where sits the key 100-day SMA.