Capitalizing on the continued bad economic news coming out of the Euro-zone, the Yen was able to record significant gains against the single currency in trading yesterday. At one point, EUR/JPY fell over 100 pips before correcting itself slightly. Currently the pair is trading around the 123.95, still down 80 pips or so from its high yesterday.

Against the U.S. Dollar, the Yen has not been as fortunate. Good U.S. economic news has fueled an uptrend in the USD/JPY pair over the last several days. The pair went as high as 94.28 yesterday, and is currently trading only slightly lower at 93.90.

Today, JPY traders will want to focus on both the U.S. and Japanese economic news. If American unemployment figures come in higher then expected, the Yen may be able to make some gains on the greenback. Furthermore, the Japanese Prelim Industrial Production report, set to be released at 23:50 GMT, will likely boost the Yen providing the results are at or above the forecasted figure of 0.9%.