FXstreet.com (Córdoba) - Greenback is consolidating gains against the Yen as it holds above 88.00. USD/JPY has been steady moving inside a small range between 88.25 and 88.15. The pair is rising for the third consecutive day and trades at the highest level in a week.
Below 88.15 Greenback could find support at 87.90. On the upside resistance lies at 88.45/50 (intra-day high) and above at 89.20 (Nov 23 high).
According to Michael J. Malpede, analyst at Easy Forex: JPY traded lower for a third day in a row pressured by improving risk appetite as global equity markets rally and in reaction to Tuesday's decision by the BOJ to expand its funding operations. (…)JPY was also pressured by report that Japanese officials met with U.S. Treasury officials this week in Washington. This meeting could generate increased speculation about the possibility of coordinated intervention to address JPY strength and USD weakness.