Yen futures: Further losses likely as OI ticked up on bearish breakdown

The CME data shows a steady rise in the Open Interest (OI) over the last week, suggesting the Japanese Yen could extend the retreat from the recent high of 108.13 vs. the US dollar. 

The OI rose from 178,850 contracts (June 26) to 196,055 (June 30). During the same time period, the Dollar-Yen pair breached the critical resistance of 112.00 (bearish breakdown in Yen futures). The subsequent rise has been stalled around 113.00, although dips to 111.95 (23.6% Fib of 108.80-112.93) have been short lived. 

The price action and the rise in the OI signals the Yen weakness is here to stay and could be extended further if the US ISM number due today at 14:00 GMT betters estimates.