Japanese Yen Mixed Against Majors

Japanese yen is mixed against majors today as concerns about Europe continue, and as the EU summit prepares to take off. Yen is higher against the UK pound, but lower against the euro and the US dollar.

Yen is looking for direction today as caution becomes the story for the currency market. Concerns about the eurozone are still high, but the euro is nonetheless gaining against the yen right now. On top of that, the US dollar is also higher against the yen. Only the UK pound, connected to a faltering economy, is one of the majors falling against the yen today.
Yesterday, yen was heading higher as demand for safe haven assets preceded the EU summit and as Spanish and Italian bond yields rose higher. Concerns about the situation were driving the yen higher. Now, though, yen is correcting, pulling back. It might have been overbought. Right now, even though German Chancellor Angela Merkel is insisting that she will block eurobonds and shared liabilities, euro is still higher against the Japanese yen.
At 12:34 GMT EUR/JPY is higher at 99.4500, up from the open at 99.3250. USD/JPY is higher at 79.7100, up from the open at 79.5110. GBP/JPY is lower at 124.1350, down from the open at 124.3765.

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