Japanese Yen Trades Mixed in Forex Trading

Japanese yen is mixed in Forex trading today, gaining against the US dollar, but moving lower against the euro and the UK pound. Yen received a boost earlier as traders bought on its attractive levels, but the Japanese currency has since pared some of its gains against the US dollar and pulled back against the euro.

For the most part, yen trading has been relatively quiet today. Forex traders have been waiting for the Federal Reserve to finish its two-day meeting, and Ben Bernanke is expected to issue a statement later today. A recent G-20 summit has yielded nothing new, and a summit of European leaders is being held next week.
With a lot of the non-news, there isn’t much for the yen to go on. Japan did report a wider than expected trade deficit in May, at 907.26 billion yen, rather than the expected 520 billion yen, and that was the basis for some of the yen positions seen earlier. However, things are shifting a little bit. Some expect the Fed to extend Operation Twist, and that is why the yen remains higher against the US dollar. But things in Europe are looking a little better (for now), and the euro is now higher against the yen.
At 12:24 GMT EUR/JPY is up to 100.3795 from the open at 100.1550. GBP/JPY is up to 124.4960 from the open at 124.1650. USD/JPY is down to 78.9493 from the open at 78.9500

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