Eric Theoret, CFA, CMT FX Strategist at Scotibank explained that JPY is steady consolidating its recent gains, trading around the mid-point of its multi-month range. Key Quotes: "The broader USD remains the dominant driver for JPY, as market participants recalibrate their expectations for the Fed. Domestically, comments from BoJ Gov. Kuroda continue to reinforce an unwavering commitment to achieving the 2% inflation target. However the impact has been overwhelmed by U.S. developments driving a 20bpt decline in the 2Y yield spread (in JPY’s favor) over the past week. Risk reversals suggest an ongoing moderation in demand for protection against USD/JPY downside (JPY strength). USDJPY is vulnerable to a resolution." For more information, read our latest forex news.