JPY has been outperforming earlier, as analyst at Scotiabank noted. Key Quotes: "the bulk of its strength seen through the European session with a remarkable sensitivity to oil prices in a sentiment-driven trading environment." "JPY remains the largest net held CFTC long, its $4.7bn position the result haven-driven demand in an environment of elevated volatility across major asset classes." "We maintain expectations for fundamentally-driven JPY weakness, however we continue to highlight the importance of sentiment in driving recent JPY gains to levels well above those implied by yield spreads." "A calming in the broader tone would likely drive JPY weakness in a manner similar to that observed on Thursday (NA session), Friday, and Monday." For more information, read our latest forex news.