FXstreet.com (Barcelona) - The Dollar has recovered further against the Yen after falling strongly in the Asian session. USD/JPY has risen around 140 pips from 8-month low at 88.22 to trade above 89.50 and test 89.60 level. Currently the pair is trading around 89.45/55, 0.10% below today's opening price action at 89.63.
The Varengold Bank Research Team comments: Since eight months, the JPY rose to the highest level against the USD and reached 89.10 amid speculation that Japanese exporters are repatriating profits before the fiscal first half ends this week. Also the JPY gained versus all its 16 major counterparts before a report tomorrow forecast to show the nations consumer prices dropped at a record pace and the jobless rate climbed to an all time high.