USD/JPY: traders watching the BoJ's next move - Scotiabank

Analysts at Scotiabank explained that JPY is consolidating within a tight range below Friday’s two week high. 

Key Quotes:

"Local markets are closed for holiday and domestic risk is limited ahead of Thursday’s BoJ policy decision. 

Interest rate differentials have narrowed in a JPYsupportive manner in the period since July 7th, the date of the BoJ’s last fixed rate operation."

"Market participants are likely to remain focused on BoJ policymakers’ efforts at yield curve control and will eye the central bank’s inflation outlook amid rumors of a markdown in the BoJ’s official forecast."