The JPY has seen decidedly mixed movement against its main currency rivals in overnight trading. While the USD/JPY fell throughout most of the day yesterday, the pair started to reverse course in evening trading, and is currently up close to 30 pips.

Against the UK pound, the yen has had more luck. The GBP/JPY has been stuck in a prolonged bearish trend for the last few days, and seems unlikely to break from it in the near future. Currently the pair is trading at 130.87, down from 131.23 at the start of the overnight session.

Today, yen traders will want to pay attention to the batch of US economic releases scheduled for this afternoon. Positive US data is likely to boost the dollar against the yen. At the same time, that data may allow the yen to move up against the European currencies in the evening session.