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USD/JPY made its way up for a change, as global tensions eased and demand for the “safe” yen diminished. Japan’s rate decision and the accompanying press conference are the main events this week. Will European worries send new flows to the Japanese currency? Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Lower European worries joined the lower chances for more dollar printing in the US, and also pushed the pair higher. Japan’s current account surplus shrank unexpectedly in April to 0.29T from 0.79T in March, while economists expected a smaller drop to 0.65T. This decline was affected by the slowdown in China but a gradual ongoing dwindling in Japan’s current account surplus, could be traced back to the earthquake in March 2011, where nuclear reactors shutdown compelled Japan to import expensive energy products.

Read the rest of the article [I][URL="http://www.forexcrunch.com/usdjpy-outlook-june-11-15/"]USD/JPY Outlook June 11-15[/URL][/I]