Investing.com - The U.S. dollar was steady against the yen on Thursday, following disappointing retail sales data from Japan while investors remained focused on an upcoming speech by Federal Reserve Chairman Ben Bernanke on Friday.
USD/JPY hit 78.60 during early European trade, the daily low; the pair subsequently consolidated at 78.65, easing 0.07%.
The pair was likely to find support at 78.45, the low of August 28 and resistance at 78.96, the high of June 5.
Government data showed earlier that retail sales in Japan fell 0.8% in July, following a 0.2% rise the previous month.
Analysts had expected retail sales to fall 0.1% in July.
Meanwhile, investors awaited a speech by the U.S. central bank chairman, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Sentiment found some support amid expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets and bring down Spanish and Italian borrowing costs ahead of its upcoming policy meeting.
The yen was also steady against the euro with EUR/JPY inching up 0.04%, to hit 98.67.
Later in the day, the U.S. was to produce official data on personal consumption expenditures and personal spending.
USD/JPY hit 78.60 during early European trade, the daily low; the pair subsequently consolidated at 78.65, easing 0.07%.
The pair was likely to find support at 78.45, the low of August 28 and resistance at 78.96, the high of June 5.
Government data showed earlier that retail sales in Japan fell 0.8% in July, following a 0.2% rise the previous month.
Analysts had expected retail sales to fall 0.1% in July.
Meanwhile, investors awaited a speech by the U.S. central bank chairman, amid ongoing speculation over how close the Fed may be to implementing more economic stimulus measures.
Sentiment found some support amid expectations that the European Central Bank is working on measures to help stabilize the euro zone's sovereign debt markets and bring down Spanish and Italian borrowing costs ahead of its upcoming policy meeting.
The yen was also steady against the euro with EUR/JPY inching up 0.04%, to hit 98.67.
Later in the day, the U.S. was to produce official data on personal consumption expenditures and personal spending.