JPY futures: further upside on the cards

Open interest in JPY futures markets shrunk for the second consecutive day, this time by more than 6.1K contracts; while volume increased for yet another session, now by more than 2K contracts.

USD/JPY now looks to 108.50

The leg lower in USD/JPY was on the back of the continuation of the uptrend in volume, while open interest appears to remove some tailwinds from the move. Against this backdrop, the pair could now head towards the mid-108.00s, late-January lows.