The Japanese Yen completed yesterday's trading session with mixed results versus the major currencies after the bank of Japan eased its monetary policy. The JPY fell against the GBP yesterday, pushing the oft-traded currency pair to 138.05. The JPY did see some bullishness as well as it gained 50 pips against the EUR and closed at 1.2380.
BOJ Governor Masaaki Shirakawa told a news conference the move to double its fund supply operation was not aimed at influencing currency rates. The BOJ's move was widely flagged, although it left the duration of fixed-rate loans to banks unchanged at three months and two of its seven board member dissented.
The JPY's trends will be affected by the rallies of its primary currency pairs today. It seems that the USD, EUR and GBP are expected to continue a volatile trading session today, especially against the Japanese currency. Traders should keep a close look on the news coming from the U.S. and Europe as these economies will be the deciding factors in the JPY's movement today, especially the U.S Unemployment Claims at 13:30. It is also advisable for traders to follow any unexpected comments coming from key Japanese governmental figures, as this is also likely to lead to further JPY volatility.