The Yen was mixed versus the majors yesterday, advancing against the dollar and the euro, but falling against the pound. Much of the movements in the currency can be attributed to traders taking on greater risk in the forex market. As traders become more comfortable with the market's stability, traders move into higher yielding currencies and sell safe havens such as the yen.
Following the successful auction of Spanish bonds and a rise in equities, traders sold the yen. Weak U.S. unemployment numbers also helped to strengthen the yen versus the dollar.
The USD/JPY traded below the recent support level of 90.80, only to close at 90.84. The EUR/JPY was higher, trading at 112.54, up from an opening day price of 112.71, while the GBP/JPY was up at 134.62 after opening at 134.18.
Now that the USD/JPY has reached the support level at 90.80 but failed to close below this price, we may see the pair bounce back up towards its next resistance level at 93.00.