Investing.com - The U.S. dollar edged lower against the yen in thin trade on Monday, as lingering worries over the handling of the debt crisis in the euro zone supported safe haven demand.
USD/JPY hit 76.80 during early European trade, the pair’s lowest since January 5; the pair subsequently consolidated at 76.93, inching down 0.04%.
The pair was likely to find support at 76.64, the low of January 5 and resistance at 77.23, the high of January 5.
Trading volumes were light as markets in Japan remained closed for a holiday, while sentiment was hit by ongoing concerns over rising borrowing costs in the euro zone.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
In addition, an adviser to Germany's finance minister Wolfgang Schaeuble said that a 50% write-down on Greek debt holdings, part of Greece's debt swap deal, may not be enough to put the country's huge debt on a viable footing.
Meanwhile, the yen was lower against the euro with EUR/JPY rising 0.17%, to hit 98.05.
Later in the day, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.
USD/JPY hit 76.80 during early European trade, the pair’s lowest since January 5; the pair subsequently consolidated at 76.93, inching down 0.04%.
The pair was likely to find support at 76.64, the low of January 5 and resistance at 77.23, the high of January 5.
Trading volumes were light as markets in Japan remained closed for a holiday, while sentiment was hit by ongoing concerns over rising borrowing costs in the euro zone.
Markets were also jittery after German magazine Der Spiegel reported on Saturday the International Monetary Fund was losing confidence in Greece's ability to shore up its public finances and work off its mountain of debt.
In addition, an adviser to Germany's finance minister Wolfgang Schaeuble said that a 50% write-down on Greek debt holdings, part of Greece's debt swap deal, may not be enough to put the country's huge debt on a viable footing.
Meanwhile, the yen was lower against the euro with EUR/JPY rising 0.17%, to hit 98.05.
Later in the day, French President Nicolas Sarkozy and German Chancellor Angela Merkel were to discuss proposals to increase fiscal coordination in the single currency bloc.