The Japanese Yen saw a bearish trading session yesterday, losing ground against most of its currency crosses. The JPY fell broadly against the EUR and closed at 1.3650, while the GBP/JPY cross also rose to around 151.43. The only economic events out of Japan yesterday were the trade balance figures; the result was lower than forecast as volatility kept to a minimum.
The JPY's trends will be affected by the rallies of its primary currency pairs today. It seems that the USD and EUR are expected to continue a volatile trading session today, especially against the Japanese currency. Traders should keep a close look on the news coming from the U.S. and Europe as these economies will be the deciding factors in the JPY's movement today, especially the U.S Unemployment Claims at 12:30 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.