Investor fears that the Greek deficit crisis could spread to other countries within the Euro-zone led. This led to big gains for the Japanese currency in trading yesterday. In addition to the USD/JPY, which has fallen some 200 pips in the last 24 hours, the Yen has also recorded gains on the British Pound and Swiss Franc.
Traders can expect the Yen to remain at its current high levels as long as the Greek crisis remains in the headlines. That being said, the Japanese currency may take some losses today against the greenback, depending on the result of the Non-Farm Payrolls report. A positive figure, say around 200K, would likely lead to solid gains for the Dollar against the Yen.