JPY Futures: neutral/bullish short-term

Open interest in JPY futures markets shrunk by around 3.7K contracts on Wednesday according to preliminary figures from CME Group. In the same line, volume dropped by nearly 7.1K contracts.

USD/JPY faces extra rangebound

Persistent choppiness in both open interest and volume around the safe haven JPY opens the door for further consolidation in the near term. Against this backdrop, USD/JPY is expected to keep meandering between the recent 105.00/107.00 range.