Following yesterday's gains against the Dollar and EUR, the Yen took steep losses after a very good Australian jobs report on Thursday morning. Investors appeared to be abandoning their safe haven positions with the Yen in favor of riskier currencies like the Aussie and Kiwi. Consequently the Yen fell to below 130.00 against the Euro in early morning trading.

Looking ahead, traders may want to pay attention to the news coming out of Europe and America. Any negative European news would increase the Yen's appeal as a safe haven currency and could lead to serious gains. At the same time, positive news from Europe may lead to a prolonged drop in the Yen against its major counterparts.