The Yen slumped yesterday as the markets returned to risk taking with a vengeance. U.S. equity markets were up 4% and high yielding assets were in hot demand. Thus, the Yen suffered as traders moved out of safe haven assets.

At the end of the trading day the USD/JPY was up at 93.14 from an opening day price of 92.59. The GBP/JPY was also higher at 138.15 from 137.82. The EUR/JPY dropped after the EUR released its earlier gains against the Yen. The pair closed at 119.87 after reaching a high of 122.27.

A lack of data for the JPY will leave the Yen taking its direction from the events occurring in the European theatre. Currently market sentiment is positive and more geared towards risk taking. This could hurt the Yen in the short term. The next resistance line for the USD/JPY rests at 93.75.