The Japanese yen completed yesterday's trading session with mixed results versus the other major currencies. The JPY was broadly unchanged versus the USD yesterday and closed its trading session around the 82.30 level. The JPY also saw bullishness against the GBP as it jumped around 60 points and closed at 1.3220.

Traders today have very little fundamental news emanating from Japan as the only major indicator being released is the Core Machinery Orders report. Analysts forecast the figure to increase from its previous reading. This indicator typically generates small amounts of volatility. However, the EUR and the USD appear to be clutching the reins of today's market. Traders would be wise to note its future direction as it usually carries a heavy impact on the other currencies.