Investing.com - The euro fell against the yen on Wednesday as the fate of Greece's political framework remained up in the air after weekend elections, prompting investors to buy safe-haven currencies, which include the yen.
In Asian trading on Wednesday, EUR/JPY hit 103.68, down 0.19%, up from a low of 103.64 and off a high of 103.94.
The pair sought to test support at 103.24, the low of May 6, and resistance at 104.45, the high of May 7.
Safe-haven currencies such as the yen and the dollar saw demand early in the day amid a global risk-off trading session fueled by deepening European uncertainty.
In France, socialist Francois Hollande defeated President Nicolas Sarkozy in weekend elections, as voters rejected austerity measures supported by the outgoing administration and opted to embrace Hollande's calls to prioritize growth over cutting spending.
Concerns are brewing that while Europe's economic motor and austerity champion Germany will welcome a Hollande victory, relations won't be as cozy between the two nations as they were under Sarkozy, at least when it comes to navigating Europe out of the debt crisis.
Meanwhile in Greece, a crisis-weary nation is shifting through the fallout of last weekend's parliamentary elections.
The country's leading political parties failed to secure 50% of the votes, with smaller, fringe parties taking a larger slice of the electoral pie.
Concerns are brewing that Greek political parties won't agree on a coalition government by June, when a tranche of bailout money is due, especially amid growing sentiment that more and more policymakers have had enough with austerity measures like layoffs and spending cuts.
Talk of Greece abandoning the euro is also growing, a scenario that could potentially roil currency markets.
The euro, meanwhile, was down against the pound and down against the Canadian dollar, with EUR/GBP down 0.10% at 0.8041 and EUR/CAD down 0.03% and trading at 1.2986.
In Asian trading on Wednesday, EUR/JPY hit 103.68, down 0.19%, up from a low of 103.64 and off a high of 103.94.
The pair sought to test support at 103.24, the low of May 6, and resistance at 104.45, the high of May 7.
Safe-haven currencies such as the yen and the dollar saw demand early in the day amid a global risk-off trading session fueled by deepening European uncertainty.
In France, socialist Francois Hollande defeated President Nicolas Sarkozy in weekend elections, as voters rejected austerity measures supported by the outgoing administration and opted to embrace Hollande's calls to prioritize growth over cutting spending.
Concerns are brewing that while Europe's economic motor and austerity champion Germany will welcome a Hollande victory, relations won't be as cozy between the two nations as they were under Sarkozy, at least when it comes to navigating Europe out of the debt crisis.
Meanwhile in Greece, a crisis-weary nation is shifting through the fallout of last weekend's parliamentary elections.
The country's leading political parties failed to secure 50% of the votes, with smaller, fringe parties taking a larger slice of the electoral pie.
Concerns are brewing that Greek political parties won't agree on a coalition government by June, when a tranche of bailout money is due, especially amid growing sentiment that more and more policymakers have had enough with austerity measures like layoffs and spending cuts.
Talk of Greece abandoning the euro is also growing, a scenario that could potentially roil currency markets.
The euro, meanwhile, was down against the pound and down against the Canadian dollar, with EUR/GBP down 0.10% at 0.8041 and EUR/CAD down 0.03% and trading at 1.2986.