The Yen rose against most of the major currencies during last week's trading session. The Yen gained about 200 pips against the Euro and the EUR/JPY pair is trading at the 122.20 level. The Yen gained about 200 pips against the Pound as well.

The most significant reason for the Yen's bullish trend is the pessimism regarding the Euro-Zone which takes place mostly due to the Greece debt crises. This has lowered risk appetite in the market, and led investors to look for safe-haven assets such as the Dollar and the Yen. Another catalyst for the Yen's appreciation is the positive data that was published from the Japanese economy. The Tertiary Industry Activity, which measures the change in the total value of services purchased by businesses during January, rose by 2.9%, beating expectations for a 1.3% rise. In addition, the All Industries Activity report showed that the total value of goods and services purchased by businesses has grown by 3.8% during January. These two indicators further strengthen the notion that the Japanese economy is recovering, and thus supporting the Yen.

As for this week, traders are advised to follow two leading indicators: the Japanese Trade Balance on Tuesday and the Tokyo Core Consumer Price Index (CPI) on Thursday. These publications tend to have a large impact on the Yen, and traders should take under consideration that positive result are likely to further boost the Yen.