According to flash data for JPY futures markets from CME Group, open interest reversed two consecutive builds and shrunk by nearly 1.6K contracts on Thursday. On the opposite side, volume increased by almost 44K contracts following two straight drops.
USD/JPY faces support around the 200-day SMA
The pullback in USD/JPY was accompanied by declining open interest in the Japanese safe haven, hinting at the likeliness that gains are losing some traction. That said, the key 200-day SMA at 108.30 is expected to hold the downside for the time being.