The yen rebounded from a three-month low against the dollar as U.S. stock futures fell and traders bet the currency’s worst start to a year since 2000 was exaggerated. The Japanese currency also rose from its lowest level in six weeks versus the euro. The yen’s relative strength index versus the dollar, a technical chart used by some traders, was at 73 today, the second day it was higher than 70, a level that typically signals a change in price direction. The pound reversed gains against the euro and the dollar as Standard & Poor’s 500 Index futures expiring in March dropped 0.7 percent. “The yen has proved to be a little oversold, so we have seen a bit of a pullback,” said Jeremy Stretch, a senior currency strategist at Rabobank International in London. “People are thinking we’re moved the yen too far.” The yen traded little changed at 96.64 per dollar as of 7:12 a.m. in New York, erasing a 0.7 percent decline earlier that drove it to 97.33. It strengthened to 123.52 per euro, from 124.14 yesterday.

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