USD/JPY: watching for BoJ now - Scotibank

Analysts at Scotiabank explained that JPY is trading around the mid-point of its multi-week range.

Key Quotes:

"Relative central bank policy remains the core focus as market participants look to the upcoming BoJ policy decision on November 1 amid local media headlines hinting to a steady stance. The 2Y U.S.-Japan yield spread is showing signs of stabilization under 110bpts and risk reversals continue to price a premium for protection against JPY strength. JPY remains vulnerable to haven-driven strength in periods of risk aversion."