Analysts at Scotiabank explained that JPY is quiet and testing a fresh, marginal one month high at levels last seen in late February.
"Local markets have been closed and the intraday range has been remarkably narrow on the back of light holiday trading. This week’s domestic risk is limited to Wednesday’s trade data (Tuesday PM EST) and the release of the BoJ minutes from the late January meeting."
"Yield spreads remain wide and CFTC positioning remains bearish. However, the broader tone appears tentative, and JPY’s risk profile leaves it vulnerable to knee-jerk, haven-driven gains in periods of risk aversion."