FXstreet.com (Buenos Aires) - After reaching an intraday low of 88.16, USD/JPY has spend most of the American session consolidating above that level, yet under 88.50 strong resistance area, 38.2% retracement of last daily up leg from 84.80 to 90.76.

Risk aversion has favored Japanese currency that despite BOJ attempts to avoid further appreciation, keep manages to appreciate quickly almost in every chance it has. After past Friday so much better than expected employment data in the U.S., dollar managed to gain strength against most of its rivals, except for Japanese yen; at certain point, this should be considered a worrying sign among Japanese authorities, and generate more interventions movements.

In the short term, and according to Valeria Bednarik, Fxstreet.com independent analyst, pair needs to clearly overcome 88.60 zone to extend the upside, pointing for next resistances at 89.00 and 89.35, while she calls for further downside pressure, if the pair manages to break under today's low of 88.16, with supports at 87.70 and then 87.30.

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