JPY Futures: Further losses likely

Traders added nearly 5.7K contracts to their open interest positions on Wednesday according to flash readings from CME Group. Volume, too, reversed two consecutive drops and increased by around 22.8K contracts.

USD/JPY now targets 110.30

Further upside in USD/JPY is probable on the back of rising open interest and volume (and the pullback in the yen) amidst Wednesday’s positive performance. That said, the area of YTD highs around 110.30 should emerge as the next target for bulls.