"Yield spreads are narrowing in a JPY-supportive manner and threatening fresh lows. For USD/JPY, we look to a bearish break of the recent range, targeting a near-term push below the 50 day MA (146.53) ...

The Euro (EUR) is quietly consolidating its recent recovery and trading in a tight range around 1.17, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.