Investing.com - The U.S. dollar held steady against the yen on Friday, hovering close to an 13-year high after mixed Japanese data and as demand for the greenback remained broadly supported by expectations for a U.S. rate hike this year.
USD/JPY hit 124.02 during late Asian trade, the session high; the pair subsequently consolidated at 123.93.
The pair was likely to find support at 122.76, the low of May 27 and resistance at 124.47, Thursday's high and the highest level since June 2002.
Demand for the dollar continued to be underpinned as economic data released in the past week, including reports on inflation, new home sales, business investment and consumer confidence all indicated that the U.S. economy is gaining momentum after a slowdown in the first quarter.
Expectations that the economy will rebound from the first quarter have supported the view that the Federal Reserve will begin to hike interest rates around September.
Market participants were looking ahead to preliminary first-quarter U.S. economic growth data due later in the day, for further indications on the strength of the economy.
In Japan, data earlier showed that industrial production increased by 1.0% last month, exceeding expectations for a 0.8% rise, after a 0.8% fall in March.
A separate report showed that Japan's household spending dropped 5.5% in April, compared to expectations for a 0.7% slip, after a 2.4% rise the previous month.
Data also showed that consumer prices in Japan ticked up at an annualized rate of 0.6% last month, in line with expectations, after a 2.3% increase in March.
The yen was steady against the euro, with EUR/JPY at 135.74.