JPY Futures: scope for extra appreciation

CME Group’s advanced data for JPY futures markets noted open interest rose for the second session in a row on Friday, this time by around 1.6K contracts. Volume, instead, shrunk by around 35K contracts, reversing two consecutive daily builds.

USD/JPY could target the 107.20 area

Further downside in USD/JPY could see the 55-day SMA in the 107.20 re-tested on the back of rising open interest amidst the recent positive price action in the Japanese safe haven.