JPY Futures: Neutral/Bearish near term

CME Group’s advanced figures for JPY futures markets noted open interest rose by nearly 28.5K contracts on Tuesday, reversing the previous drop. On the other hand, volume shrunk by almost 13.1K contracts, prolonging the erratic activity for yet another session.

USD/JPY could still move to 112.00 and above

USD/JPY remains side-lined in the upper end of the range amidst rising open interest and declining volume in the Japanese safe haven. That said, further upside to the 112.00 neighbourhood stays on the cards for the time being, although some consolidation should not be discarded as well.