We've got Fed Chair Powell speaking today (Wednesday US time) and expectations are he may well further water down expectations for FOMC easing.

USD/JPY has certainly been behaving that way. higher over the past week of trading sessions.

Its been lacklustre in the Asia morning so far, a very limited range but has just broken through its overnight high:

We've got Fed Chair Powell speaking today (Wednesday US time) and expectations are he may well further water down expectations for FOMC easing.

News today has been negative for the yen: