The dollar touched its highest level in nearly eight months versus the yen on Monday, supported by expectations for continued monetary policy divergence between the Fed and the Bank of Japan.
The dollar rose to as high as 114.735 yen at one point, its highest since mid-March, its rise having gained added steam after breaching technical resistance at levels near 114.50 yen.
Later, the dollar pared some of its gains and was trading at 114.35 yen, up 0.3 per cent on the day, reports Reuters.
The dollar index, which measures the greenback against a basket of six major currencies, last stood at 94.919, trading within sight of an Oct 27 peak at 95.150, its highest point since July 20.
The dollar was resilient in the wake of underwhelming US October jobs data released on Friday, which showed a slowdown in wage growth and a smaller-than-expected increase in nonfarm payrolls.
Although US wage growth disappointed, analysts remain optimistic that wages will pick up, and there was little change in market expectations for the Fed to raise interest rates in December.
The euro inched up 0.1 per cent to $1.1616.
