The Japanese Yen weakened against the US dollar, British pound and commodity producing currencies but strengthened against the Euro and Swiss Franc.
The all industry activity index was the only piece of economic data released from Japan last night and despite the strains on the Japanese economy, activity increased in April. Throughout this past week, USD/JPY has held up very well. Even though it has been struggling to close above 108, there is a decent chance that a break may happen to the upside over the next few trading days.