The US dollar managed to gain strength against the Japanese Yen, as the pair tested the 108 level, in the intraday trading session.
Weak economic releases, spelled losses for the yen, as Supermarket sales figures showed a decline due to apathetic spending on household and clothing items. In addition, BSI Large Manufacturing and BSI Large All Industry figures posted in the red, confirming suspicions that businesses continue to suffer from the recent rise in oil prices. The upcoming US FOMC meeting will determine where USD/JPY is headed.