TOKYO: The dollar held firm versus the yen in Asian morning trade Wednesday, clinging to recent gains after upbeat US data with analysts saying the greenback could climb higher.
On Tuesday, the dollar jumped amid gains in US equity markets and more signs of a US economic recovery, rising as high as 102.40 yen to mark its highest level against the Japanese unit since October 2008.
In Tokyo trade Wednesday, the dollar bought 102.20 yen, hardly changed from levels in New York later Tuesday but still well above the mid-101 yen range a day earlier in Tokyo.
The dollar could still test the 102.40 yen mark again in Wednesday trade, said Junichi Ishikawa, market analyst at IG Securities in Tokyo.
"There may be some resistance around the 102.50 level, where selling offers are lined up," he told Dow Jones Newswires.
In other forex trading, the euro weakened to $1.2923 and 132.09 yen from $1.2935 and 132.29 yen in New York.
US retail sales edged up 0.1 percent in April from March, led by sales of building and garden supplies and clothing, Commerce Department data released Monday showed.
Markets were eyeing the release later Wednesday of January-March eurozone economic growth data as well as a string of US indicators later in the day.
National Australia Bank said European news on Tuesday was "less encouraging" with the German ZEW survey economic sentiment survey's May reading falling short of expectations.
"An upgrade to Greece's credit rating by Fitch to 'B-' from CCC has spared the euro damage," it added in a statement.
Fitch raised Greece's long-term credit rating by one notch to 'B-' on Tuesday, removing it from being at risk of default, citing progress in balancing the country's finances and improving its trade competitiveness.
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