The Yen soared against all the major currencies during yesterday's trading session. The Yen gained over 200 pips against the Dollar today and over 400 pips against the Euro, sending the EUR/JPY pair to an 11-month low.

The Yen's remarkable bullish session came predominantly as a result of fears regarding the Euro-Zone's worsening fiscal problems. The European Central Bank announced today that several countries might have fiscal imbalances this year, turning investors to search for safer assets. In addition, the Yen also strengthened against the Dollar, following disappointing U.S. employment data which were published yesterday. It now seems that as long as the current risk aversion inclination will continue to dominate the market, the Yen will continue to strengthen.

As for today, there is no significant news publications expected from the Japanese economy. Therefore traders are advised to follow the main data from the U.S. economy. Special attention should be given to the Non-Farm payrolls report that is likely to have the strongest impact on the market today.