Forex Pros – The U.S. dollar fell to a four-day low against the yen on Thursday, after Greece’s parliament accepted an austerity plan demanded by international lenders, strengthening the euro and sending the dollar broadly lower.
USD/JPY hit 80.31 during early European trade, the pair’s lowest since June 24; the pair subsequently consolidated at 80.37, shedding 0.48%.
The pair was likely to find short-term support at 79.99, the low of June 17 and resistance at 81.18, Wednesday’s high.
Greek lawmakers approved a package of EUR28.4 billion in spending cuts and tax increases on Wednesday, bringing the country one step closer to securing a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund.
There was to be a second vote later Thursday on the implementation of different parts of the package, such as tax rises and the sale of state assets.
The greenback also came under pressure amid dollar selling by Japanese exporters, as they repatriated funds ahead of the months end.
The yen was also higher against the euro, with EUR/JPY slipping 0.14% to hit 116.44.
Later in the day, the U.S. was to publish its weekly government report on initial jobless claims, as well as data on manufacturing activity in the Chicago region.
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