Forexpros – The U.S. dollar edged higher against the yen on Thursday, as renewed concerns over the euro zone’s financial woes ahead of a French bond auction supported safe haven demand.
USD/JPY hit 76.78 during early European trade, the daily high; the pair subsequently consolidated at 76.77, inching up 0.07%.
The pair was likely to find support at 76.57, the low of November 18 and resistance at 76.95, the high of January 3.
France was preparing to sell up to 8 billion euros in 10 to 30-year government debt one day after an auction of German 10-year bonds met with subdued investor demand.
A downbeat result was likely to fuel fears that France could lose its triple-A credit rating in the coming weeks.
Meanwhile, concerns over a default by Greece resurfaced after Greek Prime Minister Lucas Papademos warned his country may face economic collapse as soon as March.
Elsewhere, the yen was trading close to a 10-year high against the euro with EUR/JPY edging up 0.01%, to hit 99.29.
Later in the day, the U.S. was to release the ADP report on private sector employment as well as data on initial jobless claims and service sector activity.
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