USD/JPY: yen is awaiting domestic developments, bearish on yen - Scotiabank

Analysts at Scotiabank explained that JPY is pretty much trading flat from Monday’s close (10 pips) and consolidating within a remarkably tight range. 

Key Quotes:

"Domestic developments have been limited and the broader tone appears set to dominate ahead of the 7:50pm ET release of BoJ minutes for April and Gov. Kuroda’s speech early Wednesday. Yield spreads are steady and options markets are shifting in a JPY-negative manner with a clear erosion in the premium for protection against JPY strength."