The Japanese yen is likely to continue tracking stock performance, looking past scheduled event risk despite a busy economic calendar in the week ahead.

The Japanese yen is likely to continue looking to stock markets as the dominant driver of price action amid another busy week of first-quarter earnings reports and the apparent return of acute uncertainty over the sovereign debt crisis inside the European Union.

The Japanese yen is likely to see the return of risk sentiment as the dominant driver of price action as the first-quarter round of corporate earnings reports overshadows a decidedly uneventful economic calendar.

The euro may resume its four-month down trend after the European Central Bank delivers their monetary policy announcement as the Greek debt crisis returns to the forefront against a backdrop of a still lackluster interest rate outlook.

Japanese yen price action may remain indecisive for a second week against the US dollar as the currency is pulled in opposing directions by its relationships with investors' appetite for risky investments and the yields on US government debt.

An unexpected drop in the Japanese unemployment rate continued the theme of improving fundamentals.

After seeing steady gains throughout the week, the yen was battered following a better than expected U.S. non-farm payroll report.

A week full of major event risk should put risk sentiment up for grabs which clouds the outlook for the yen.

The outlook for the Japanese yen has become clouded as a likely recovery in risk appetite competes with currency traders backtracking on overdone US Federal Reserve rate hike expectations for control over near-term price action.

The Japanese yen follows risk appetite trends that follow the progress on a possible Greek bailout.