JPY futures: neutral bullish near term

Investors trimmed their open interest positions for the second consecutive day, this time by around 2.5K contracts on Monday from Friday’s final 189,364 contracts, according to CME Group flash data.

USD/JPY dips remain shallow

The correction lower in USD/JPY should be seen as temporary amidst shrinking open interest and volume. Further consolidation is likely near term ahead of a potential leg higher.