Forex - USD/JPY almost unchanged in quiet trade
Investing.com
Published Sep 19, 2011 03:47AM ET
USD/JPY hit 76.78 during late Asian trade, the daily low; the pair subsequently consolidated at 76.81, inching up 0.01%.
The pair was likely to find short-term support at 76.41, the low of August 31 and resistance at 77.24, the high of September 13.
A meeting of European Union finance ministers over the weekend failed to make any significant progress on dealing with the debt crisis in the region.
Ministers warned they may withhold Greece’s next tranche of bailout aid if Athens fails to meet deficit reduction targets. After the meeting, Greek Prime Minister George Papandreou canceled a planned visit to the U.S. in order to hold crisis talks at home.
Meanwhile, markets in Tokyo remained closed for a national holiday.
Elsewhere, the yen was sharply higher against the broadly weaker euro, with EUR/JPY shedding 0.76% to hit 105.15.
Later in the day, officials from the EU and the International Monetary Fund were to hold talks with Greek Finance Minister Evangelos Venizelos to discuss extra steps to ensure Athens can qualify for its next tranche of rescue funds.
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Written By: Investing.com
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