The Japanese yen saw a relatively bullish trading session yesterday, gaining ground against most of its currency crosses. The JPY outpaced the USD and closed around 82.50. Moreover, the yen gained approximately 100 points versus the GBP, closing at 133.70 from the earlier mark of 134.65.
The JPY's trends today will be affected by the rebounds in its primary currency pairs. It seems that the USD and EUR are expected to continue trading volatile today, especially against the Japanese currency. We could see some retracement as the day progresses.
Traders should keep a close look on the news coming from the US today as it is set to drive today's market events. It is also advisable for traders to follow any unexpected comments coming from key Japanese governmental figures, as this is also likely to lead to further JPY volatility.