Investing.com - The U.S. dollar moved higher against the Japanese yen in Asian trade Thursday, boosted by gains on Wall Street and prospects for action from European leaders to address the region’s debt woes.
In mid-day Asian trade USD/JPY hit 76.80, the pair’s highest since Tuesday; the pair subsequently consolidated at 76.72, rising 0.11%.
The pair was likely to find support at 76.41, the low of August 31, and resistance at 77.58 Monday’s high.
Earlier Wednesday, German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou spoke to concerns that Greece was in danger of default and would meet its obligations to institute austerity measure to meet its 2011-2012 fiscal targets.
On Wednesday, the U.S. Census Bureau reported that retail sales in August rose 0.1%, below market expectations of a 0.2% gain.
The figure, an indication of consumer spending for the period, was revised down to a 0.3% gain in May.
The Bureau of Labor Statistics released producer price inflation numbers for August, showing that the PPI was flat for the month, following a 0.2% gain in July.
Wall Street posted gains for a third consecutive day, as the Dow Jones Industrial Average rose 1.3%, the Nasdaq Composite Index was lifted 1.6%, and the S&P 500 climbed 1.35%.
Japan’s Ministry of Economy, Trade and Industry reported that industrial production rose by 0.4% in July, below market expectations of a 0.6% gain.
Meanwhile, the yen moved higher against both the euro and the British pound with EUR/JPY down 0.14% to hit 105.23, and GBP/JPY falling 0.02% to hit 120.79.
The U.S. Bureau of Labor Statistics was scheduled to release its monthly consumer price index figures later Thursday.