JPY Futures: Room for further gains

Open interest and volume in JPY futures markets increased by around 48.1K and nearly 53.6K contracts, respectively, on Thursday, as per preliminary figures from CME Group.

USD/JPY now eyes the 200-day SMA at 108.40

Increasing coronavirus concerns continue to lend support to the demand for the safe havens and are forcing USD/JPY to recede further. Against this backdrop, rising open interest and volume in the Japanese yen should remain supportive of a deeper pullback in the short-term horizon to, initially, the 200-day SMA in the 108.40 region.