Investing.com - The yen edged lower against the euro and the dollar on Tuesday as concerns over geopolitical tensions eased, but losses were held in check as investors remained wary.
USD/JPY eased up 0.14% to 101.53 from 101.38 late Monday.
The pair was likely to find support at 101.07, last Friday’s low and resistance at the 101.85 level.
Investors were continuing to eye geopolitical concerns as tensions between Russia and the West remained high in the wake of the downing of a Malaysian airliner in eastern Ukraine late last week, while Israel’s ground offensive in Gaza was also in focus.
The euro was also higher against the yen, with EUR/JPY rising 0.13% to 137.29 from 137.10 on Monday.
The euro remained under pressure after recent comments by European Central Bank President Mario Draghi were seen as the latest sign that the bank is open to further monetary easing measures to stave off the risk of deflation in the euro area.
In contrast, Federal Reserve Chair Janet Yellen indicated last week that interest rates may rise sooner if the economy continues to improve.
The single currency was little changed against the dollar, with EUR/USD at 1.3521, holding above last Friday’s five month trough of 1.3490.
Investors were looking ahead to U.S. data on consumer prices later in the day, for further indications on the strength of the recovery.
The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.05% to 80.65.