USD/JPY seen range-bound between 153–154 – Scotiabank

FXStreetNov 5, 2025 2:10 PM

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The Japanese Yen (JPY) steadied after early strength, with sentiment and equity performance remaining key drivers as USD/JPY holds within a narrow 153–154 range, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY is steady, fading Asian session gains

"The yen is entering Wednesday’s NA session flat vs. the USD with a notable pullback from Asian session highs that had seen gains reach nearly 0.4% at their peak. Sentiment remains a dominant driver in the absence of domestic releases, as the yen continues to trade inversely to equity indices reflecting its role as a safe haven currency."

"For USD/JPY, we look to a near-term range bound between 153 and 154."

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