JPY Futures: consolidation appears likely

Open interest in JPY futures markets rose for the third consecutive session on Wednesday, this time by around 3.5K contracts according to flash data from CME Group. Volume, instead, shrunk by more than 26K contracts against the backdrop of the usual choppy performance.

USD/JPY faces strong resistance at 109.30

USD/JPY is attempting a sideline theme in the upper end of the range at/around the 109.00 handle. Choppy activity in volume and rising open interest amidst positive price action in the Japanese safe haven could spark some correction lower in spot although the broader consolidative mood is expected to prevail in the near term at least.