We closed April with some elevated volatility. USD/JPY lost more than five cents in the last two trading days. Today looks like the waters have calmed though. The range in most pairs has been very tight so far. The economic data is pretty light today and London is closed due to the Labour Day or May 1st Day so we don´t expect much action during the European session. We´ll see if the US traders will liven thing up when they enter the market. 

USD/JPY has only moved 50 pips up and down this morning, comparing to 550 pips in the last two days