According to advanced readings from CME Group for JPY futures markets, investors added around 88.6K contracts to their open interest positions on Wednesday, reaching the second build in a row. On the other hand, volume extended the decline for yet another session, now by around 88.5K contracts.
USD/JPY seen side-lined for the time being
Alternating risk appetite trends continue to rule the price action around USD/JPY, motivating the current rangebound theme to prevail for some more time. Wednesday’s increase in open interest in the Japanese safe haven allows for the continuation of the upside, although the persistent decline in volume hints at the likeliness that extra gains look limited.