The Yen slipped against the majors on Monday, as Japan's currency failed to extend its recent gains. It is important to note that the Yen has gone very bullish against its major currency pairs in recent days. Therefore, yesterday's behavior may be a correction due to the JPY being overvalued lately. Also, investors dropped the JPY on Monday, as they seeked to make profits in higher yielding currencies and commodities such as Crude Oil.
In yesterday's trading, the Yen fell by 70 pips against the USD to the 91.10 level. The Yen closed 110 pips lower against the GBP at the 151.33 level, Also, the EUR/JPY cross finished trading 175 pips higher at 133.20. Today, the JPY is set to move on news coming out of the major economies. If there are good figures from these countries, the Yen's downward correction may continue.