Forex - EUR/JPY slides amid concerns over Greek debt uncertainty

Forex Pros – The euro slid to a session low against the yen on Monday, as ongoing uncertainty over a possible restructuring of Greek sovereign debt put a damper on demand for the single currency.

EUR/JPY hit 115.22 during European afternoon trade, the session low; the pair subsequently consolidated at 115.45, shedding 0.19%.

The pair was likely to find support at 114.45, last Thursday’s low and short-term resistance at 116.37, the high of the same day.

Over the weekend, German weekly magazine Der Spiegel fanned fears that Greece might not receive the next tranche of its European Union /International Monetary Fund bailout aid, saying Athens might have missed all fiscal targets set by its lenders.

Both Greece and the IMF denied the report, but Prime Minister George Papandreou has failed to win backing from the opposition to adopt fresh austerity steps.

Later in the week, EU and IMF officials were expected to deliver a report on Greece's attempts to meet fiscal targets under its bailout plan.

The euro was also lower against the Swiss franc, with EUR/CHF dipping 0.05% to hit 1.2150.

Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were to stay closed for Memorial Day.




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