JPY Futures: offered bias still persists

Advanced data for JPY futures markets from CME Group noted open interest rose for yet another session at the end of last week. Volume, too, increased by almost 29K contracts, reversing the previous drop and keeping the choppy activity well and sound so far.

USD/JPY now looks to 110.00

The move up in USD/JPY continues to be propped up by the risk-on mood and the selling bias in the Japanese safe-haven amidst rising open interest and volume. That said, further upside looks likely in the short-term, with the next barrier of note at the critical 110.00 yardstick.