Investing.com - The U.S. dollar was almost unchanged against the yen on Friday, as markets awaited the release of U.S. economic data, while investors remained cautious ahead of a highly anticipated meeting between German Chancelor Angela Merkel and Greek Premier Antonis Samaras later in the day.
USD/JPY hit 78.46 during European early afternoon trade, the daily low; the pair subsequently consolidated at 78.48, dipping 0.01%.
The pair was likely to find support at 78.16, the low of August 13 and resistance at 78.79, the high of August 9.
German Chancellor Angela Merkel said late Thursday that she and French President Francois Hollande will maintain pressure on Greece to overhaul its economy at meetings with Prime Minister Antonis Samaras in Berlin later Friday and on Saturday.
Merkel added that she is deeply convinced that the Greek government is doing everything to solve the country's financial problems.
Meanwhile, European Central Bank officials announced that no new decisions will be made on the bank's bond buying program before a German ruling on the constitutionality of the European Stability Mecanism, expected next month.
The news came a day after a string of disappointing manufacturing activity reports from the euro zone and China on Thursday sparked fresh concerns over a global economic slowdown.
Meanwhile, market participants eyed the release of U.S. economic data later in the day, as reports on Thursday painted a mixed picture of the country's economic recovery, prompting investors to temper expectations for a third round of quantitative easing by the Federal Reserve to boost growth.
Earlier in the day, Bank of Japan Governor Masaaki Shirakawa warned of a possible delay in China's economic pickup and a strong yen that could add pain to Japan's economic recovery, signaling the bank's readiness to offer monetary stimulus if risks heighten further.
The yen was higher against the euro with EUR/JPY shedding 0.48%, to hit 98.15.
Later in the day, the U.S. was to release government data on durable goods orders.
USD/JPY hit 78.46 during European early afternoon trade, the daily low; the pair subsequently consolidated at 78.48, dipping 0.01%.
The pair was likely to find support at 78.16, the low of August 13 and resistance at 78.79, the high of August 9.
German Chancellor Angela Merkel said late Thursday that she and French President Francois Hollande will maintain pressure on Greece to overhaul its economy at meetings with Prime Minister Antonis Samaras in Berlin later Friday and on Saturday.
Merkel added that she is deeply convinced that the Greek government is doing everything to solve the country's financial problems.
Meanwhile, European Central Bank officials announced that no new decisions will be made on the bank's bond buying program before a German ruling on the constitutionality of the European Stability Mecanism, expected next month.
The news came a day after a string of disappointing manufacturing activity reports from the euro zone and China on Thursday sparked fresh concerns over a global economic slowdown.
Meanwhile, market participants eyed the release of U.S. economic data later in the day, as reports on Thursday painted a mixed picture of the country's economic recovery, prompting investors to temper expectations for a third round of quantitative easing by the Federal Reserve to boost growth.
Earlier in the day, Bank of Japan Governor Masaaki Shirakawa warned of a possible delay in China's economic pickup and a strong yen that could add pain to Japan's economic recovery, signaling the bank's readiness to offer monetary stimulus if risks heighten further.
The yen was higher against the euro with EUR/JPY shedding 0.48%, to hit 98.15.
Later in the day, the U.S. was to release government data on durable goods orders.