The yen hit a two-week high against the EUR on Monday as fears over fraud charges against Goldman Sachs and concerns over a delayed EU/IMF meeting on Greece fuelled inflows into the low-yielding currency. The EUR/JPY fell as low as 123.16, down more than 1 percent on the day before correcting itself. Currently the pair is trading around 1.2460.

JPY's trends will be affected by the rallies of its primary currency pairs today. It seems that USD and EUR are expected to continue a volatile trading session today, especially against the Japanese currency. Traders should keep a close watch on the news coming from the U.S. and Europe as these economies will be the deciding factors in JPY's movement today, especially the German ZEW Economic Sentiment at 9:00 GMT. 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.