The USD/JPY dropped over 30 pips during the Asian session, as investors appear to be flocking to the yen as a safe haven currency amid the recent turmoil in Libya. It appears that as long as the recent wave of unrest in the Middle East continues, safe haven currencies like the yen are likely to remain bullish. The USD/JPY is currently trading around the 82.60 level, down from 82.90 earlier tonight.
Today, yen traders will want to pay attention to any news regarding the ongoing conflict in Libya. Investors are likely to remain with the yen until some semblance of order is brought to that country. Furthermore, the US Existing Home Sales is forecasted to come in slightly below last month's figure. If true, the yen could see more gains.