BBH - " Major currencies have been confined to narrow ranges, with only the Japanese yen showing much movement. Both the dollar and euro have recovered nearly all the ground lost against the yen yesterday. The news stream was light and the market continued to focus on the likelihood that the BOJ eases policy again in a couple of weeks. USD/JPY is trading around 87.50 as yesterday's yen strength gave Tokyo operators a new and better selling opportunity. (...) There is much market talk about a JPY86.75-JPY90.75 double no-touch option structure that is thought to expire in early March. Good Tokyo-based dollar bids linked to importers emerged near JPY86.80, helping defend the lower barrier. On the upside, the North American session can take the greenback toward JPY87.80-JPY88.00. For its part the euro held support near JPY113.50 and can retest the JPY115.00-JPY115.20 area near-term."