The yen was able to capitalize on its status as a safe-haven refuge yesterday, after a disappointing US unemployment figure led to investor doubts regarding the pace of the US economic recovery. Since yesterday afternoon, the USD/JPY has tumbled more than 40 pips, officially putting to an end what had been an impressive run by the dollar. Currently the pair is trading close to the 82.70 level. The yen has also recorded gains against its other currency rivals, including the euro and UK pound.

Today, yen traders will want to pay attention to the main economic indicators coming out of the US. Publications like the US Core Retail Sales figure and the Prelim UoM Consumer Sentiment are likely to be the deciding factors regarding whether investors turn to higher yielding or safe-haven assets to close out the week. Positive figures out of the US may cause the USD/JPY to turn bullish, but would still likely lead to more gains for the yen against the European currencies.