Investing.com - The U.S. dollar was steady against the yen on Tuesday, as safe haven demand remained supported after Sunday’s votes in Greece and France continued to worry investors over the handling of the euro zone’s financial crisis.
USD/JPY hit 79.83 during early European trade, the daily low; the pair subsequently consolidated at 79.85, inching down 0.05%.
The pair was likely to find support at 79.54, the low of February 21 and resistance at 80.29, the high of May 1.
Market sentiment weakened after weekend election results in Greece and France raised doubts over Europe’s ability implement austerity measures deemed necessary to tackle the debt crisis in the region.
Initial attempts to form a government in Greece failed on Monday, fanning fears that the country may not have a government in place in time to secure its next tranche of international aid next month.
Market participants were also watching developments in France, where Socialist Francois Hollande is to be inaugurated on May 15. Hollande has said he wants to renegotiate the euro zone fiscal pact in order to stimulate growth in the region.
Elsewhere, the yen was higher against the euro with EUR/JPY shedding 0.34%, to hit 103.91.
Later in the day, Germany was to release official data on industrial production, while European Central Bank President Mario Draghi was due to speak in Frankfurt.
USD/JPY hit 79.83 during early European trade, the daily low; the pair subsequently consolidated at 79.85, inching down 0.05%.
The pair was likely to find support at 79.54, the low of February 21 and resistance at 80.29, the high of May 1.
Market sentiment weakened after weekend election results in Greece and France raised doubts over Europe’s ability implement austerity measures deemed necessary to tackle the debt crisis in the region.
Initial attempts to form a government in Greece failed on Monday, fanning fears that the country may not have a government in place in time to secure its next tranche of international aid next month.
Market participants were also watching developments in France, where Socialist Francois Hollande is to be inaugurated on May 15. Hollande has said he wants to renegotiate the euro zone fiscal pact in order to stimulate growth in the region.
Elsewhere, the yen was higher against the euro with EUR/JPY shedding 0.34%, to hit 103.91.
Later in the day, Germany was to release official data on industrial production, while European Central Bank President Mario Draghi was due to speak in Frankfurt.