RTRS: Dollar rallies vs yen, reverses earlier losses
NEW YORK (Reuters) - The U.S. dollar rose against the yen on Friday, reversing earlier losses, boosted by sharp gains in U.S. equities led by energy shares.
The dollar had earlier fallen versus the Japanese currency following a weak U.S. non-farm payrolls report for October and analysts said market participants were covering short positions on the greenback as stocks turned around.
"We've been pricing in weak payrolls data all week, so now we're seeing short-covering as those with short equity and yen cross positions are squeezed out," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, New Jersey.
"But we know things could still turn around, so it doesn't seem likely this will be sustained for a long time."
The dollar rose 0.5 percent against the yen, to 98.230 yen, well off intraday lows at 96.760.
(Reporting by Gertrude Chavez-Dreyfuss and Steven C. Johnson; Editing by Dan Grebler)
