Investing.com - The U.S. dollar slipped lower against the yen on Friday, as but losses were expected to remain limited as demand for the greenback remained broadly supported by growing expectations for a U.S. rate hike by the middle of the year.
USD/JPY hit 120.22 during early European afternoon trade, the session low; the pair subsequently consolidated at 120.30, shedding 0.23%.
The pair was likely to find support at 119.62, the low of April 8 and resistance at 121.19, the high of March 20.
The dollar remained supported after New York Federal Reserve President William Dudley said Wednesday that the timing of a rate hike depends on economic data and added that a rate hike in June could still be possible if the labor market recovery remained strong.
Meanwhile, Wednesday’s minutes of the Fed’s March meeting showed that several officials believe the economic outlook is likely to warrant an interest rate hike in June.
The greenback was also boosted after the U.S. Department of Labor reported on Thursday that the number of individuals filing for initial jobless benefits last week rose less-than-expected.
The yen was higher against the euro, with EUR/JPY declining 0.85% to 127.41.
In the euro zone, data earlier showed that French industrial production was flat in February, confounding expectations for a 0.1% downtick. January's figure was revised to a 0.3% rise from a previously estimated increase of 0.4%.
A separate report showed that Spain's industrial production increased at an annualized rate of 0.6% in February after a 0.1% gain in January, whose figure was revised from a previously estimated 0.4% rise.