USD/JPY: downside keeps playing out - Scotiabank

FXStreet (Guatemala) - Analysts at Scotiabank explained that JPY is outperforming, rallying for a third consecutive session to test fresh one-year closing highs as it climbs toward the short-lived intraday highs from October 15 and August 24.

Key Quotes:

"The current environment of elevated uncertainty and risk aversion is supportive for JPY given its role as a safe-haven currency, and measures of sentiment are providing confirmation as risk reversals hint to greater demand for protection against further JPY gains. Near-term risk remains biased to the upside."