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Forex - EUR/JPY rises to 2-day high as Greece eyed

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Forex Pros - The euro climbed to a two-day high against the yen on Tuesday, but remained vulnerable to fresh losses as ongoing concerns over Greek sovereign debt kept investors on alert.

EUR/JPY hit 115.74 during European afternoon trade, the pair's highest since Friday; the pair subsequently consolidated at 115.66, rising 0.40%.

The pair was likely to find support at 113.86, Monday's low and a one-week low and resistance at 117.16, Friday's high.

Earlier in the day, the leader of Greece's main opposition party, Antonis Samaras rejected the country's new austerity plan, saying the measures would deepen Greece's recession and do little to close the country's budget gap.

Meanwhile, rating agency Moody's said a Greek debt default would put Portugal and Ireland at risk of multi-notch credit downgrades.

On Monday, Greece's cabinet broadly approved EUR6 billion in new austerity measures, aimed at narrowing the budget deficit this year.

Elsewhere, the euro was slightly lower against the Swiss franc, with EUR/CHF dipping 0.04% to hit 1.2407.

The single currency found support earlier after a report showed that German business confidence remained unexpectedly unchanged in May, as rising exports and increased company spending boosted economic growth.

The Ifo institute said its business climate index held at 114.2 from April. Economists forecast a decline to 113.7.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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