14.04 - USD/JPY: On its way to 107.00
- by George Solotarov
USD/JPY’s negative price action at the beginning of the week was on the back of rising open interest, opening the door to the continuation of the descent at least in the short-term horizon. Against this, a drop and test of the monthly low in the 107.00 neighborhood looks well on the table.
In light of flash data for JPY futures markets from CME Group, open interest rose for the second session in a row on Monday, this time by almost 1.4K contracts. Volume, instead, went down by nearly 15.5K contracts, prolonging the choppy performance.