USD/JPY flows: Iran Three Stage Plan Calms Market

After Trump cancelled envoy plans to Pakistan, market participants were disappointed no progress. But Iran's proposal of three stage negotiation has given them hope as it left the hardest nuclear issue for last, in exchange for immediate ceasefire and subsequent opening of Strait of Hormuz. 

USD/JPY closed the opening gap and is trading 0.08% lower at 159.16 as USD haven bids fade on more upbeat mood.