JPY Futures: stays neutral/bearish

Open interest in JPY futures markets shrunk for the third session in a row on Wednesday, this time by nearly 4.5K contracts according to preliminary readings from CME Group. Volume, instead, went up for the fourth consecutive session, now by almost 9.3K contracts.

USD/JPY met support near 108.40

USD/JPY tested and rebounded from the 55-day SMA in the 108.40 region on Wednesday in response to alternating developments from the US-China trade front and all amidst declining open interest and rising volume in the Japanese yen. That said, the consolidate trade still remains in place, although further gains in spot are not ruled out.