Open interest in JPY futures markets from CME Group rose by just 877 contracts on Tuesday, reversing three consecutive pullbacks according to flash data from CME Group. In the same line, volume increased by almost 9.8K contracts after two drops in a row.
USD/JPY: Door open for a move to 107.00
USD/JPY remains on the defensive so far this week against the backdrop of increasing open interest and volume in the Japanese safe haven. That said, further upside in the yen is likely, allowing for a potential move to the 107.00 neighbourhood in the hear term.