The Japanese yen fell against most of its major currency rivals last week. The yen dropped about 300 pips vs. the euro, and the EUR/JPY pair reached as high as the 115.95 level. The yen also saw a 250 pip fall against the British pound.

The yen fell after U.S. employment data provided positive results, signaling that labor market conditions in the U.S. are recovering. U.S. employers added 192,000 workers in February and the unemployment rate unexpectedly declined to 8.9 percent, the lowest since April 2009. In addition, applications for unemployment benefits decreased by 20,000 to 368,000 - the lowest level since May 2008.

The yen's downfall against the euro was also the result of expectations that the European Central Bank will hike interest rates in April.

As for this week, traders are advised to follow the Japanese equity market, as the yen is highly affected by its movements. Special attention should also be given to the Final Gross Domestic Product, which is scheduled for Wednesday, as its release is likely to have a significant impact on yen trading.