Investing.com - The U.S. dollar was higher against the yen on Tuesday, after Germany’s parliament approved a second bailout for Greece and as investors looked ahead to a second liquidity injection from the European Central Bank.
USD/JPY hit 80.72 during early European trade, the daily high; the pair subsequently consolidated at 80.76, rising 0.19%.
The pair was likely to find support at 80.72, the day’s low and resistance at 81.20, the high of February 24.
Germany’s parliament approved a EUR130 bailout package for Greece on Monday as German Chancellor Angela Merkel warned that pushing Athens out of the euro would risk “incalculable” damage.
Markets shrugged off a decision by ratings agency Standard & Poor's to cut Greece’s long term credit rating to 'selective default'.
Meanwhile, markets were looking ahead to a long term refinancing operation by the ECB after a similar operation in December eased pressure on peripheral euro zone bond markets.
In Japan, official data showed that retail sales rose unexpectedly in January, climbing 1.9% after a 2.5% rise the previous month.
Analysts had expected retail sales to fall 0.2%.
The yen has been under pressure in recent weeks following a surprise easing by the Bank of Japan and a fall in the country’s current account surplus.
Elsewhere, the yen was also lower against the euro with EUR/JPY climbing 0.61%, to hit 108.65.
Later in the day, the U.S. was to produce official data on durable goods orders, as well as industry data on house price inflation and consumer confidence.
USD/JPY hit 80.72 during early European trade, the daily high; the pair subsequently consolidated at 80.76, rising 0.19%.
The pair was likely to find support at 80.72, the day’s low and resistance at 81.20, the high of February 24.
Germany’s parliament approved a EUR130 bailout package for Greece on Monday as German Chancellor Angela Merkel warned that pushing Athens out of the euro would risk “incalculable” damage.
Markets shrugged off a decision by ratings agency Standard & Poor's to cut Greece’s long term credit rating to 'selective default'.
Meanwhile, markets were looking ahead to a long term refinancing operation by the ECB after a similar operation in December eased pressure on peripheral euro zone bond markets.
In Japan, official data showed that retail sales rose unexpectedly in January, climbing 1.9% after a 2.5% rise the previous month.
Analysts had expected retail sales to fall 0.2%.
The yen has been under pressure in recent weeks following a surprise easing by the Bank of Japan and a fall in the country’s current account surplus.
Elsewhere, the yen was also lower against the euro with EUR/JPY climbing 0.61%, to hit 108.65.
Later in the day, the U.S. was to produce official data on durable goods orders, as well as industry data on house price inflation and consumer confidence.