According to Scotiabank FX strategists Shaun Osborne and Eric Theoret, the Japanese Yen (JPY) is posting modest gains against the dollar, outperforming most G10 currencies in a quiet trading session. This strength comes as the recent selloff in Japanese government bonds pauses, with yields hitting resistance levels—specifically 1.20% for the 2-year and just above 2.10% for the 10-year. Despite tight spreads offering fundamental support, USD/JPY remains stuck in a trading range between 154.50 and 158.00. Momentum indicators are currently neutral, and the latest Services PMI of 51.6 suggests only slight economic expansion.
Scotiabank Reports JPY Strength Against G10 Amidst Calm Trading
