Investing.com - The dollar rose to one-week highs against the yen on Wednesday after official data showed that China’s economy grew slightly more than expected in the first quarter, bolstering risk appetite.
USD/JPY was last up 0.32% to 102.24, the highest since April 8, from 101.90 on Tuesday.
The pair was likely to find support at 101.60 and resistance at 102.65.
Official data released on Wednesday showed that China’s gross domestic product expanded at an annual rate of 7.4% in the first three months of 2014, slowing from 7.7% in the fourth quarter, but slightly ahead of expectations for growth of 7.3%.
The yen also came under pressure as strong gains in Asian equities markets overnight curbed safe haven demand for the Japanese currency. The Nikkei rallied 3.01%, led higher by gains in technology shares.
The euro was higher against the yen, with EUR/JPY rising 0.45% to 141.38, up from 140.77 on Tuesday.
The shared currency also pushed higher against the dollar, with EUR/USD easing up 0.10% to 1.3828.
Market watchers were looking ahead to a speech on monetary policy by Fed Chair Janet Yellen in New York later in the trading day.