JPY Futures: extra rangebound looks likely

Following flash data from CME Group for JPY futures markets, open interest shrunk by just 252 contracts on Tuesday and volume extended the downtrend, this time decreasing by only 428 contracts.

USD/JPY appears consolidative above 108.00

USD/JPY is down for the second session in a row so far on Wednesday. The recent daily drop was in tandem with declining open interest and volume in the Japanese safe haven, which should play against further appreciation of the safe haven and in turn favour some sideline trading.