The JPY continued its bullish movement against the EUR and GBP yesterday; although, toward the end of trading both currencies pared some of their losses. Currently the pairs are trading at 122.39 and 134.69 respectively.

The Yen declined significantly against the AUD, which is currently trading at 82.40. It is also declining against the CAD, currently trading at 87.65. Good economic data from china or the U.S., or continued strength in commodities, should support this most recent trend.

Core Machinery data published last night in Japan fell 3.7%. The data is a leading indicator of corporate capital spending. The fall in machinery orders is evidence for a slow economic growth. The publication may lead the Bank of Japan (BOJ) to issue further economic easing programs to increase demand by Japanese consumers, and push the economy higher.