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JPY Futures: Gains appear short-lived

Investors trimmed their open interest positions in JPY futures markets by around 7.2K contracts at the beginning of the week, as per advanced readings from CME Group. Volume, instead, resumed the upside and went up by nearly 33.3K contracts.

USD/JPY met support around 110.30

The sharp sell-off in USD/JPY seems to have met solid contention in the 110.30 region so far this week. However, shrinking open interest amidst JPY-buying hints at the probability that the rally in the Japanese currency has been sustained by short covering, leaving occasional dips in the pair to struggle around the 110.30 region (weekly lows and previous yearly tops).

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