EURJPY Euro vs Japanese Yen

The Japanese yen fell against the other major currencies in the Asian session on Thursday as positive reaction to the latest news about Greece as well as some upbeat U.S. economic data generated risk appetite.

While Greece failed to make a 1.6 billion euro payment to the International Monetary Fund, Greek Prime Minister Alexis Tsipras sent a letter indicating he will accept most of the demands made by the country's creditors.

However, investors are treading cautiously ahead of the release of the U.S. Labor Department's monthly jobs report later in the day, which is being released a day earlier than usual due to the July 3rd holiday in observance of the Independence Day.

A report released by payroll processor ADP on Wednesday showed that U.S. private sector employment jumped by 237,000 jobs in June following an upwardly revised increase of 203,000 jobs in May. Economists had expected an increase of about 220,000 jobs compared to the addition of 201,000 jobs originally reported for the previous month.

Also, the Institute for Supply Management's manufacturing index rose by slightly more than expected in June. The ISM said its purchasing managers index rose to 53.5 in June from 52.8 in May, with a reading above 50 indicating an increase in manufacturing activity. Economists had expected the index to edge up to 53.2.

A separate report showed that construction spending climbed 0.8 percent to an annual rate of $1.036 trillion in May after jumping 2.1 percent to a revised $1.027 trillion in April. Economists had expected construction spending to rise by 0.5 percent.

In other economic news, the Bank of Japan said that the monetary base in Japan surged 34.2 percent on year in June, coming in at 325.047 trillion yen. That follows the 35.6 percent spike in May.

Wednesday, the yen showed mixed trading against its major rivals. While the yen fell against the U.S. dollar, it rose against the Swiss franc. Meanwhile, the yen held steady against the euro and the pound.

In the Asian trading today, the yen fell to a 6-day low of 123.45 against the U.S. dollar, from yesterday's closing value of 123.16. On the downside, 126.00 is seen as the next support level for the yen.

Against the euro, the pound, the Swiss franc and the Canadian dollar, the yen edged down to 136.44, 192.62, 130.24 and 98.06 from yesterday's closing quotes of 98.06, 192.29, 129.81 and 97.81, respectively. If the yen extends its downtrend, it is likely to find support around 140.00 against the euro, 196.00 against the pound, 134.50 against the franc and 99.90 against the loonie.

Looking ahead, U.K. Nationwide house price index for June is due to be release at 2:00 am ET. Additionally, U.K. CIPS/Markit construction PMI for June and Eurozone PPI for May are slated for release.

In the New York session, U.S. weekly jobless claim for the week ended June 27, U.S. jobs data and factory orders, both for June, are set to be announced.

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