FXStreet (Guatemala) - Analysts at Scotiabank explained that JPY is quiet, having traded within a remarkably tight range since the December 24 close. Key Quotes: "Fundamentals are bearish (USD/JPY bullish) as we consider the continued widening in 2Y yield spreads, trading above 110bpts to levels last seen in 2008. Meanwhile, options prices suggest a continued rise in demand for protection against JPY gains (USD/JPY downside). The tentative nature of the broader market tone is one in which JPY remains vulnerable to short-lived, haven-driven gains." For more information, read our latest forex news.