USD/JPY: Yen is top performer – Scotiabank

By FXStreet Analysts at Scotiabank explained that the JPY is strong, outperforming all of the G10 currencies with a modest 0.2% gain.

Key Quotes:

“Sentiment remains the primary near-term driver for JPY however we highlight the potential for a refocus back toward fundamentals as we consider this week’s central bank risk with policy meetings at both the BoJ (Tuesday) and Fed (Wednesday).

Vulnerability is elevated given the sizeable bullish CFTC position with a net long $7.1bn position—in contract terms just below the March 2008 record.”
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Source:: FX Street