JPY futures: appears consolidative near term

CME Group’s flash data for JPY futures markets noted open interest shrunk by around 12.1K contracts after three consecutive daily builds. On the other hand, volume increased for yet another session, this time by almost 36.8K contracts.

USD/JPY seen supported around 111.00

The recent leg lower in USD/JPY was in tandem with rising volume and a downtick in open interest, hinting at the likeliness that the ongoing down move could start to lose momentum, paving the way for some consolidation in the near term.