Analysts at Scotiabank noted that JPY is outperforming. Key Quotes: "The USD, supported by the broader tone of risk aversion as it retraces much of its decline from the recent Feb 11 high. Sentiment is dominant, and options prices hint to renewed demand for protection against JPY strength across a range of time frames (one week, one month) — with the one year measure reaching levels last seen in 2011." "Focus is on 112.50, a level that roughly coincides with the 61.8% Fibo." For more information, read our latest forex news.