JPY Futures: Correction could extend further

According to advanced readings from CME Group for JPY futures markets, open interest shrunk for the fourth session in a row on Monday, this time by around 1.8K contracts. On the other hand, volume extended the uptrend and increased by almost 30K contracts.

USD/JPY now targets the 200-day SMA near 108.30

The correction lower in USD/JPY appears to have met support near the 101.00 mark so far. Shrinking open interest in the safe haven yen leaves extra gains somewhat limited, allowing for the continuation of the rebound, at least in the short-term horizon.