On Tuesday the JPY was slightly encouraged by a drop in global stock market while the New York session boosted demand for the Japanese currency. Demand for riskier assets rose as U.S Pending Home Sales delivered signs of recovery with its better than expected report.

A late rally in the stock markets encouraged risk appetite and the sell-off of the Japanese Yen. Tuesday the Yen was traded at 137.08 versus the EUR and at 95.22 versus the Dollar. Looking ahead to today`s economic events and releases several economic indicators today are expected to show constant improvement in world economic conditions, and in response the bearish trend on the JPY will probably continue.

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