Investing.com - The yen slipped lower against the U.S. dollar on Friday, as sentiment on the greenback remained vulnerable after Thursday's downbeat U.S. data and as trading volumes were expected to remain thin with U.S. markets closed for the Independence Day Holiday.
USD/JPY hit 122.81 during European afternoon trade, the pair's lowest since Wednesday; the pair subsequently consolidated at 122.92, edging down 0.13%.
The pair was likely to find support at 122.33, the low of July 1 and resistance at 123.75, Thursday's high.
The dollar weakened after a string of disappointing U.S. data on Thursday fuelled uncertainty over the timing of a rate hike.
The U.S. Commerce Department reported on Thursday that factory orders fell 1.0% in May, compared to expectations for a 0.5% decline.
Separately, the Labor Department reported that the economy added 223,000 jobs in June, compared to expectations for jobs growth of 230,000, although the unemployment rate ticked down to 5.3% last month, from 5.5% in June.
Data also showed that the number of individuals filing for initial jobless benefits in the week ending June 27 increased by 10,000 to 281,000, compared to expectations for a 1,000 fall.
Meanwhile, investors continued to monitor the Greek debt situation after hopes for a last minute deal were quashed on Wednesday when Greek Prime Minister Alexis Tsipras urged voters to reject the terms of an international bailout deal.
Greek voters are due to decide on Sunday whether to accept terms proposed by the institutions overseeing the country’s now-expired bailout, the European Central Bank, the International Monetary Fund and the European Commission, or reject them.
Tsipras has said a vote against the proposals would give him a stronger mandate to agree a third bailout Greece’s creditors. However, European leaders have said the referendum is ultimately a vote on whether to remain in the euro zone.
Greece became the first developed country to default on the IMF after its second bailout program expired late Tuesday.
The yen was steady against the euro, with EUR/JPY at 136.40.