JPY futures: neutral/bullish short-term

Open interest in JPY futures markets rose by nearly 7.7K contracts on Wednesday, while volume also increased by almost 25.2K contracts, reversing two consecutive daily drops.

USD/JPY still looks to 112.00

USD/JPY seems to be struggling to break the topside in the mid-111.00s, coincident with the key 200-day SMA. Rising open interest and volume allows for the continuation of the downside in the Japanese safe haven, prompting spot to keep 112.00 as the immediate target.