JPY Futures: Further consolidation likely

Investors trimmed their open interest positions for the third consecutive session on Tuesday, now by just 23 contracts in light of preliminary readings from CME Group. Volume, instead, extended the choppy activity and increased by around 4.8K contracts.

USD/JPY does not discard a move to 110.00

Tuesday’s negative price action in USD/JPY was against the backdrop of the persistent inconclusive performance in volume and the mild downtrend in open interest. All in all, it seems that consolidation is the name of the game around the pair for the time being, although the immediate target to the upside remains at the 110.00 mark.