The Japanese yen saw a rather jumpy session during yesterday's trading. The yen mainly saw ups and down against most of the major currencies, which concluded in a 40 pip drop against the U.S. dollar and a 40 pip gain against the euro.
The Japanese currency was mostly influenced by its rivals yesterday. The yen fell against the dollar after analysts estimated that U.S. Retails Sales climbed by 0.6 percent on January, and the nation's Consumer Price Index rose by 0.4 percent.
On the other hand, the yen strengthened against the euro as the euro-zone's finance ministers ruled out immediate steps to fight off the region's debt crisis. This has added to the bearish pressure on the euro, which slid against most of the major currencies, including the yen.
Looking ahead to today, no significant releases are expected from the Japanese economy. Traders are advised to follow the Japanese equity markets, and also to follow the economic publications which are expected from the U.S. and the euro-zone, as these are likely to have a large impact on the yen as well.