Open interest in JPY futures markets rose by around 5.9K contracts on Tuesday following two consecutive daily declines. Volume followed suit, rising by around 5.8K contracts and prolonging the choppy performance at the same time.

USD/JPY now looks to 109.15, 21-day SMA

USD/JPY remains confined within a tight range so far this week amidst an erratic activity in volume and unclear direction in open interest in the Japanese currency. Further consolidation appears on the cards in the near term, although a move higher should not be ruled out for the time being.