The Dollar fell versus the yen yesterday with traders taking profits. The pair fell from last week's one month high after the pair was boosted by the surprisingly positive U.S. Non Farm Payrolls report which posted better than expected job numbers.
As the USD/JPY approached the key 90 yen level, the currency pair was sold off. Today's overall Dollar weakness also helped to push the pair lower. The pair is now trading down at 89.03 from an opening price of 89.86.
Yesterday's price movement can be attributed to the speech by Federal Reserve Chairman Ben Bernanke. The market may continue to be influenced by speculation and predictions of just when the U.S. will raise interest rates. With this in mind, the dollar may push above the 90 yen resistance level by the end of the week.