The Japanese Yen appeared to take a hit across the boards in today's trading. The JPY closed the day down against most of its primary currency rivals. The GBP/JPY pair ended Thursday's trading at 142.89, while the USD/JPY finished at 89.15. It doesn't appear as if the JPY has broken out of its bullish channel versus these major currencies, but yesterday's movements have some investors covering their short positions before the weekend begins.

Adding to this short-position covering is the anticipation of a long weekend in Japan as the island economy gears up to celebrate Health Sports Day on Sunday. Traders are ditching their JPY positions in exchange for other assets which will carry normal volume levels going into the start of a fresh week. This lends credence to the idea that the JPY will begin to recover these losses by Tuesday or Wednesday of next week. As for economic news, Japan has no news being anticipated, which means investors will be focusing on the economies of the West in Friday's trading.