JPY Futures: Room for a move higher

Open interest in JPY futures markets increased for the third consecutive session on Thursday, now by more than 1K contracts according to preliminary data from CME Group. On the other hand, volume decreased by around 12K contracts, reaching the second drop in a row.

USD/JPY targets the 108.30 area

USD/JPY’s advance on Thursday was on the back of rising open interest and declining volume. Against this backdrop, further upside is not ruled out with the key 200-day SMA in the 108.30 zone emerging as the next resistance of relevance.