JPY futures: dips appear shallow

CME Group’s advanced data for JPY futures markets noted investors trimmed their open interest positions by around 2.6K contracts on Thursday from Wednesday’s final 205,120 contracts. In the same direction, volume shrunk by almost 28.5K contracts.

USD/JPY sidelined near term

USD/JPY is now recovering some ground after two consecutive daily pullbacks. Thursday’s down move was against the backdrop of diminishing open interest and volume, noting that occasional declines should be somewhat limited for the time being.