The Japanese yen was one of the weakest currencies at the beginning of this week, but today it is trying to recover. The currency pared its losses versus the US dollar and rallied against the euro.
It looked like tensions around Ukraine should have increased after Donetsk and Luhansk, the eastern regions of the country, had a referendum about seceding from Ukraine. Yet there were no immediate clashes after the controversial vote and Russia did not move to annex the independent regions, giving hope that the conflict will not intensify. The yen weakened as traders did not feel need for safe currencies but it is trying to reverse the losses now with varying degree of success.
USD/JPY traded at 102.09 as of 13:04 GMT today after rising from 102.11 to 102.35. EUR/JPY slid from 140.47 to 140.12 following the rally to 140.93.
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