Forex Pros – The U.S. dollar rose to a seven-day high against the yen on Monday, boosted by broad euro weakness ahead of a critical vote on Greek austerity measures later in the week.
USD/JPY hit 80.88 during late Asian trade, the pair’s highest since June 16; the pair subsequently consolidated at 80.75, gaining 0.41%.
The pair was likely to find support at 79.99, the low of June 17 and resistance at 81.55, the high of June 1.
Greek Prime Minister George Papandreou will need to get parliamentary approval for a EUR28.4 billion austerity package on Wednesday, in order to avert a sovereign debt default by securing a EUR12 billion bailout from the European Union and the International Monetary Fund.
On Sunday, Greece’s deputy Prime Minister Theodoros Pangalos warned that the Greek parliament may block some of the economic reforms, but added that lawmakers will probably approve an overall austerity package to stave off a default.
The yen was also lower against the euro, with EUR/JPY rising 0.27% to hit 114.41.
Later in the day, the U.S. was to publish official data on personal earnings and expenditure as well as data on the consumer price index.
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