Sitting on top of a mountain of bullish growth, the Japanese Yen has been on the receiving end of much optimism lately, or should we say, a lack of optimism. The uncertainty in the market lately has pushed many investors away from even the modestly risky currencies and into the safety of the Yen, which helps explain its recent strength.

Whether or not this momentum can carry itself into the near future, however, may be decided by the news events today and tomorrow from Europe and the United States. The ECB will announce its rate decisions today, as well as any updates about economic outlook. This decision always carries a strong impact and may see the EUR/JPY head into an upward correction directly after its release if the ECB brings good news. American employment data today and tomorrow may also help reverse the recent trend of the USD/JPY. Traders beware, today is going to be a bumpy ride!