Forex - USD/JPY tumbles to 1-week low, eyes on Greece

Investing.com - The U.S. dollar tumbled to a one-week low against the yen on Friday, despite better-than-expected U.S. economic growth data, as renewed concerns over Greece's debt woes supported demand for the safe haven yen.

USD/JPY hit 79.57 during European afternoon trade, the pair's lowest since October 22; the pair subsequently consolidated at 79.55, dropping 0.93%.

The pair was likely to find support at 79.22, the low of October 22 and resistance at 80.38, the session high.

In a report, the Bureau of Economic Analysis said that U.S. gross domestic product rose to a seasonally adjusted annual rate of 2.0% in the third quarter, from 1.3% in the previous quarter.

Analysts had expected U.S. gross domestic product to rise 1.9% in the last quarter.

Sentiment remained under pressure however, amid concerns over Greece's financial troubles after a report from the International Monetary Fund said Greek debt would be above the target agreed with international lenders.

The Greek government responded by saying that a deal on Athens' latest austerity package was being held up by opposition from a coalition ally.

Markets were also jittery amid ongoing uncertainty over when Spain will request a bailout and trigger the European Central Bank's bond-buying program.

In Japan, official data showed that Tokyo's core consumer price inflation, which excludes fell by 0.4% in October, less than the expected 0.5% decline, following after a 0.4% fall the previous month.

Elsewhere, the yen was sharply higher against the euro with EUR/JPY tumbling 1.05%, to hit 102.76.

Also Friday, a Gfk report showed that its consumer climate index for Germany improved unexpectedly to 6.3 in October from a reading of 6.1 the previous month.

Analysts had expected the index to tick down to 5.9 in October.

A separate report showed that Spain's unemployment rate rose to 25.0% in the second quarter, from a rate of 24.6% the previous quarter, barely beating expectations for a rise to 25.1%.