The JPY has been largely able to recover from last week's surprise sovereign debt rating downgrade, and the USD/JPY pair is once again trading below the 82.00 level. The pair had gone as high as 82.14 during the evening session last night, but ultimately turned bearish as investors chose the safe haven yen amid all of the uncertainties in Egypt.

Against the euro, the yen tumbled during yesterday's session, but started to stage a recovery overnight. Currently the EUR/JPY is trading at 112.44, down almost 30 pips from late last night.

Today, a lack of significant Japanese news means that the yen will likely move based on the manufacturing data set to be released out of the UK and US. A positive indicator from either the UK or US may lead to renewed risk taking among investors, which would likely cause the yen to turn bearish today.