JPY futures: further correction appears likely

Open interest in JPY futures markets dropped by just 413 contracts on Wednesday from Tuesday’s final 232,555 contracts, according to flash data from CME Group. On the other hand, volume rose by nearly 5.8K contracts.

USD/JPY seen supported near 113.00

USD/JPY failed so far to extend the rally above 114.00 the figure on a sustainable basis, originating instead some consolidation amidst rising volume and a marginal drop in open interest. Immediate support emerges at the 21-day SMA and the top of the cloud in the 113.00 neighbourhood.