Forexpros – The euro was steady against the yen on Tuesday, as investors awaited the results of a key budget vote in Italy amid growing pressure for Prime Minister Silvio Berlusconi to resign.
EUR/JPY hit 107.12 during European afternoon trade, the daily low; the pair subsequently consolidated at 104.48, inching down 0.02%.
The pair was likely to find support at 106.48, the low of November 1 and resistance at 109.02, the high of September 8.
Italian Prime Minister Silvio Berlusconi’s government was to face a key vote on fiscal reforms, in what was being seen as a test of the prime minister’s majority in parliament and which would determine if he has enough support to stay in power.
Meanwhile, Greek leaders struggled to agree on the new head of an interim government as they faced growing pressure to strike a deal on a unity coalition as soon as possible in order to save the country’s finances.
Earlier Tuesday, Japan continued to buy bonds from the euro zone’s bailout fund, extending crucial aid to the region as it continues to fight its deepening debt crisis.
Elsewhere, the yen was up against the U.S. dollar with USD/JPY slipping 0.11%, to hit 77.95.
Also Tuesday, finance ministers from the European Union member states were to meet in Brussels to discuss the region’s ongoing financial crisis.
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