The JPY took losses against virtually all of its main currency rivals yesterday, as speculation that the demand for Japanese exports may be weakening weighed down on the currency. The GBP/JPY moved up close to 70 pips yesterday, and peaked at just below the 133.00 level. Currently the pair is trading 132.80. The EUR/JPY continues to move up after gaining more than 100 pips in trading yesterday. The pair currently stands at 113.15.

Today, yen traders will want to pay attention to the major news out of the UK and US. Should the UK Monetary Policy Committee decide to leave national interest rates at their current levels, investors may revert back to safe haven currencies like the yen in mid-day trading. Furthermore, if the US reports a drop in the number of people seeking first time unemployment insurance, the yen is likely to see additional gains against the European currencies.