The yen saw moderate gains against the greenback yesterday following a disappointing US Unemployment Claims figure. The USD/JPY dropped over 50 pips following the release of the figure, reaching as low as 83.15. The pair was able to stage a slight upward correction during the Asian session, and is currently trading just above the 83.30 level.
Against the Swiss franc, the yen remains decidedly bearish. Investors have been turning to the franc as a safe haven due to a number of global events. In the last 24-hours, the CHF/JPY has shot up close to 70 pips, and is currently trading right around the 87.70 level.
Today, traders will want to pay attention to a speech from the US Fed Chairman. While it is not known exactly what he will say, any mention of the poor state of the employment sector in the US will likely lead to further downward movement for the USD/JPY pair.