Yen's U-turn: USD/JPY headed to 115 Friday lows? - Scotiabank

Analysts at Scotiabank explained that the JPY’s turn has been impressive, with Asian session weakness mirroring that seen in CNH. 

Key Quotes:

"Divergence was observed from the start of the European session as JPY registered a 0.75% gain on the back of a turn in the broader market tone in a move that underscored the conflicting impact of the drivers currently influencing it. 

This week’s domestic releases are relatively limited and options markets suggest no significant change in the premium for protection against JPY strength."

"Momentum signals are neutral-bearish and DMI’s are providing confirmation. We look to weakness back toward Friday’s low around 115."