JPY Futures: Extra losses look unlikely

According to advanced data from CME Group for JPY futures, both open interest and volume went down by nearly 13.9K contracts and by around 60.3K contracts, respectively, on Tuesday.

USD/JPY does not discard a move to 100.00

The noticeable rebound in USD/JPY was fuelled by short covering on Tuesday, as suggested by declining open interest and volume. Against this, further upside appears unsustainable for the time being, while a resumption of the leg lower and a probable move to the 100.00 level should not be surprising in the short-term horizon.