FXstreet.com (Córdoba) - The Yen is holding to big gains on Friday. USD/JPY is consolidating below 90.00, after falling to 89.48, posting a 7-month low. The pair rebounded and rose to 89.90. In the last hours the pair moved in a range between with support at 89.67 and resistance at 89.90. USD/JPY is trading 1.55% below today's opening price. The pair is heading toward the sixth weekly loss of the last seven.
According to James Hyerczyk of ForexHound.com: The U.S. Dollar is down sharply against the Japanese Yen at the midsession. The down move in the USD JPY has been triggered by repatriation by Japanese exporters and bullish comments from the Japanese Finance Minister. The Japanese government seems to be accepting the rapid rise in the Yen and is not expected to act to curb its strength. An early comment by the Japanese Finance Minister said the government would not intervene to curb the rally.