JPY futures: looks bullish/neutral near term

CME Group’s flash data for JPY futures markets noted open interest decreased by nearly 2.6K contracts on Monday from Friday’s final 202,185 contracts. On the other hand, volume rose by the second straight session, this time by around 34.3K contracts.

USD/JPY stays supported around 109.70

Recent activity around the Japanese safe haven opens the door for the continuation of the correction lower in USD/JPY, although March’s low in the 109.70 is expected to hold occasional bearish attempts in the near term at least.