JPY Futures: further downside not ruled out

CME Group’s flash data for JPY futures markets noted open interest rose by nearly 6.2K contracts on Friday and volume followed suit, up by around 31.9K contracts.

USD/JPY faces strong resistance at 108.50

The Japanese safe haven faces extra selling pressure in the near term amidst rising open interest and volume, and could motivate USD/JPY to attempt another test of the key resistance area in the mid-108.00s in the next sessions.