The Yen lost some of its value last week after traders returned to buy the Pound and the Euro. The Japanese yen ended yesterday lower against all its major counterparts.

Yesterday's weakness in the Yen was a direct reaction to investors' rising confidence about a global recovery in spite of a possible slowdown in Europe. A report published during the early hours didn't help to support the Yen. The Japanese Tertiary Industry Activity index, which measures demand for services, slipped 3% in March.

As for today, the decline in the Yen is expected to continue against its major counterparts. If macro reports from Europe are more than expected, the pace of the Yen's decline might even increase. The dollar strengthened against the JPY, currently trading at 92.50. The USD/JPY is yet to cross its resistance level at 93, which would signal further Yen weakness.