Investing.com - The U.S. dollar edged up against the yen on Monday, after Japan announced a new round of stimulus measures and as demand for the greenback remained broadly supported.
USD/JPY hit 120.61 during European afternoon trade, the pair's highest since December 24; the pair subsequently consolidated at 120.50, adding 0.16%.
The pair was likely to find support at 119.29, the low of December 22 and resistance at 121.00, the high of December 9.
On Saturday, the Japanese government approved stimulus spending worth $29 billion to help the country's lagging regions and households, whith hopes of boosting the country's gross domestic product by 0.7%.
Meanwhile, the dollar remained broadly supported after final data last week showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June.
The strong data fuelled further optimism over the strength of the U.S. economic recovery and added to expectations for the Federal Reserve to raise interest rates next year.
The yen was lower against the euro, with EUR/JPY rising 0.26% to 146.95.