FOREX-Yen falls from 15-yr high, weak data weighs on US dollar

* Yen pulls back from 15-yr high vs dlr, 9-yr peak vs euro

* Market wary of possible Japan action on yen

* Weak US goods orders, housing data weigh on dollar

(Adds comments, details. Updates prices)

By Vivianne Rodrigues

NEW YORK, Aug 25 (Reuters) - The yen pulled back from 15-year highs against the U.S. dollar and a nine-year peak versus the euro on Wednesday on speculation Japanese authorities may take action to stem the currency's rise.

The euro was supported by strong German economic data, while the dollar remained under pressure after weaker-than-expected U.S. durable goods orders and housing data July. For more see [ID:nN25121445] and [ID:nN25127128].

Traders were reluctant to keep betting on further yen's gains after Japanese Finance Minister Yoshihiko Noda repeated he would respond to yen moves when necessary. His comments followed a Nikkei newspaper report that the finance ministry may consider unilateral yen-selling intervention. [ID:nN24264334]

Analysts said the report and Noda's comments offered a chance for investors to pause the yen's latest rally, which saw the dollar post its worst day versus the yen since May on Tuesday, while the euro broke under a key resistance level.

"The yen has come quite far quite quickly ... so we're seeing some consolidation," said Daragh Maher, currency strategist at Credit Agricole CIB.

He added that news Bank of Japan Governor Masaaki Shirakawa will attend a Federal Reserve conference in Jackson Hole in the United States later this week was also making some traders wary of buying yen. [ID:nTKV006403]

Some analysts said Shirakawa's travel plans had increased speculation that Japanese authorities may be preparing to act on the yen. At the same time, others argue the central bank is unlikely hold an emergency policy meeting in his absence.

In late morning trading in New York, the dollar was up 0.3 percent on the day to 84.43 yen, within reach of a 15-year low hit on Tuesday at 83.61, according to Reuters data.

Traders said there was higher demand for short-term dollar/yen options with a 85.00 yen strike price as intervention jitters increased.

But demand for the dollar faltered after reports showed new orders for long-lasting U.S. manufactured goods rose far less than expected in July. Excluding transportation, orders posted the biggest fall since January 2009.

Another report showed new U.S. single-family home sales fell in July to set their slowest pace on record.

The lackluster data may cap gains in the dollar versus the yen, analysts said.

"Clearly the economy is slowing markedly, and it's a broad-based slowdown," said Michael Woolfolk, a senior currency strategist, at BNY Mellon, in New York.

"It'll be difficult for the dollar to rally against the yen in this environment, though it's worth noting that yen gains on the crosses -- against the euro, sterling and elsewhere -- have been even more remarkable."

EURO SEE-SAWS

The euro traded 0.3 percent higher at 106.61 yen, recovering from a nine-year low hit on Tuesday. The single currency pulled back from the day's high of 107.66 yen.

Against the dollar, the euro was slightly higher on the day at $1.2631, after trading as high as $1.2725.

Analysts said optimism from the German data was offset by concerns about fiscally weak euro zone countries, reflected in a wider yield spread between 10-year Irish and German bonds . The yields were at their widest since May.

Standard & Poor's on Tuesday downgraded Ireland one notch to AA- with a negative outlook, fanning worries about euro zone sovereign debt and the banking system. [ID:nN24275188].

Risk aversion supported the Swiss franc and drove the euro to a lifetime low of 1.2973 francs on EBS.

(Additional reporting by Steven C. Johnson in New York and Naomi Tajitsu in London)