The Japanese Yen, capitalizing on the high level of risk aversion in the marketplace, has been able to record gains on most of its major currency rivals. With continuous coverage of deficit worries in the Euro-Zone economies dominating the news cycle, investors are flocking to the safe haven currencies like the Dollar and Yen. The GBP/JPY, which yesterday was trading as high as 130.71, has fallen to its current level of 129.45. The AUD/JPY has also seen a drastic drop since yesterday, from 75.37 to its current level of 74.04.

Traders may want to consider the Yen as a safe bet today, especially if negative European news continues to dominate the headlines. At the same time, should the U.S. Consumer Confidence report come in as expected, the Dollar may be able to make some gains on the Yen. The USD/JPY has been trading in a somewhat level area over the last day or so. That may all change following the release of the Consumer Confidence reading.