JPY Futures: extra gains appear unlikely near term

Open interest in JPY futures markets dropped once again on Tuesday, this time by around 8.2K contracts, clinching the second drop in a row. In the same line, volume shrunk by around 8.3K contracts, also down for the second consecutive session.

USD/JPY looks supported below 108.00

USD/JPY is attempting to stabilize in the lower bound of the range near 108.00 the figure amidst declining open interest and volume in the Japanese safe haven. Against this, a squeeze higher should not be ruled out, as spot looks well contained in sub-108.00 levels for the time being.