Positive Market Sentiment Results in Yen Sell-Off

The Japanese yen dropped today against its rivals as the market sentiment was improving. While the dollar traded sideways, other currencies rallied at the expense of the yen.

There were reports that Greece agreed to come up with a new reform plan to secure the next bailout package. The news alleviated concerns about a potential bankruptcy of the indebted country. Coupled with the positive German’s data, it made traders more willing to risk, reducing the need for safe haven currencies.

USD/JPY was near the opening level of 120.78 as of 13:50 GMT today. At the same time, EUR/JPY climbed from 128.73 to 130.18 (1.1 percent.)

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