The Japanese Yen (JPY) struggles to capitalize on the previous day's modest gains and oscillates in a narrow range against its American counterpart during the Asian session on Friday.

The near-term bias, meanwhile, seems tilted in favor of the JPY bulls in the wake of the Bank of Japan's (BoJ) more hawkish stance. In fact, the BoJ remains on track for more interest rate hikes, while other major central banks, including the US Federal Reserve (Fed), are seen lowering borrowing costs further.

Apart from this, a slight deterioration in the global risk sentiment, persistent geopolitical tensions and trade war fears continue to underpin the safe-haven JPY.

Meanwhile, the recent decline in the US Treasury bond yield keeps the US Dollar (USD) depressed near a multi-week low and further benefits the lower-yielding JPY. Traders, however, opt to wait for the US Nonfarm Payrolls (NFP) report for cues about the Fed's rate-cut path before placing fresh directional bets around the USD/JPY pair.

Source: FXStreet