Investing.com - The U.S. dollar pulled back from a nine-month high against the yen on Monday as investors sold the greenback to lock in gains while markets remained focused on events in the euro zone.
USD/JPY pulled back from 81.67, the pair’s highest since May 31, to hit 80.93 during early European trade, slipping 0.32%.
The pair was likely to find support at 80.76, the low of July 6 and resistance at 81.67, the day’s high.
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.
Meanwhile, concerns over the debt crisis in the euro persisted after European members were told at the Group of 20 nations’ summit this weekend that they must come up with more financial firepower to fight the region’s debt crisis in return for more help from the rest of the world.
Markets were also jittery as Germany’s parliament was preparing to vote later Monday on a EUR130 billion bailout package for Greece, which was agreed upon by euro zone finance ministers last week.
Sentiment remained supported however as investors looked ahead to the European Central Bank's second liquidity operation, set to take place on Wednesday, after the bank carried out a similar successful operation in December.
Elsewhere, the yen also fell to a multi-month low against the euro before erasing losses, with EUR/JPY shedding 0.39%, to hit 108.78.
Later in the day, the U.S. was to publish industry data on pending home sales.
USD/JPY pulled back from 81.67, the pair’s highest since May 31, to hit 80.93 during early European trade, slipping 0.32%.
The pair was likely to find support at 80.76, the low of July 6 and resistance at 81.67, the day’s high.
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.
Meanwhile, concerns over the debt crisis in the euro persisted after European members were told at the Group of 20 nations’ summit this weekend that they must come up with more financial firepower to fight the region’s debt crisis in return for more help from the rest of the world.
Markets were also jittery as Germany’s parliament was preparing to vote later Monday on a EUR130 billion bailout package for Greece, which was agreed upon by euro zone finance ministers last week.
Sentiment remained supported however as investors looked ahead to the European Central Bank's second liquidity operation, set to take place on Wednesday, after the bank carried out a similar successful operation in December.
Elsewhere, the yen also fell to a multi-month low against the euro before erasing losses, with EUR/JPY shedding 0.39%, to hit 108.78.
Later in the day, the U.S. was to publish industry data on pending home sales.