JPY futures: scope for extra gains near term

In light of advanced figures for JPY futures markets from CME Group, open interest and volume rose by more than 2K contracts and nearly 16.9K contracts, respectively, on Tuesday.

USD/JPY keeps targeting 109.70

Renewed risk-off sentiment is supporting the demand for the safe haven Yen and is forcing USD/JPY to extend the recent breakdown of the 111.00 support. The continuation of this move should target March lows in the 109.70 region.