Despite the US Dollar's recent gains, the Japanese Yen has in fact outpaced the greenback in gaining momentum against its currency counterparts. Against the USD, the JPY has climbed towards the 89.00 price level from near 92 over the past day, marking a significant rise despite the Dollar's extended bullishness.

Today's major event from the United States is not directly related to the Yen, but the Bank of Japan (BOJ) is due to release its monthly report regarding the statistical data surrounding its interest rate decisions. This report has the ability to impact the Yen by giving more accurate information about the decisions made at the highest levels in the BOJ. However, it should be noted that today's market movement is indeed going to revolve around US Fed Chairman Ben Bernanke's rate policy statement at 19:15 GMT and traders would be unwise not to pay attention to his statements.