Forexpros – The U.S. dollar was fractionally higher against the yen on Tuesday, as ongoing concerns over Greece’s financial woes and the global economic outlook continued.
USD/JPY hit 76.74 during early European trade, the daily high; the pair subsequently consolidated at 76.64, inching up 0.04%.
The pair was likely to find support at 76.25, the low of September 27 and resistance at 77.02, the high of September 29.
On Monday, European finance ministers postponed a decision on the release of Greece’s next EUR8 billion tranche of aid until a meeting on October 17.
The decision added to concerns over a possible Greek default, after the country’s government announced that it will not be able to meet this year’s deficit targets.
Meanwhile, the yen’s safe haven appeal remained under pressure amid speculation that the Bank of Japan will soon resort to new measures to weaken the nation’s strong currency.
A monetary policy statement by the BoJ is due later in the week.
Also Tuesday, government data showed that Japan’s average cash earnings fell unexpectedly in August, declining 0.6% after a downwardly revised 0.2% drop the previous month.
Analysts had expected cash earnings to rise 0.7% in August.
Elsewhere, the yen was down against the euro with EUR/JPY edging up 0.08%, to hit 101.04.
Later in the day, Federal Reserve Chairman Ben Bernanke was due to testify before the Joint Economic Committee.
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