Forex - EUR/JPY gains on Greek austerity vote

Forexpros - The euro gained against the yen on Monday after Greek lawmakers voted in favor of undergoing tough economic austerity measures in exchange for bailout funding.

In Asian trading on Monday, EUR/JPY hit 102.82, up 0.39%, up from a session low of 102.46 and off from a high of 102.94.

The pair was likely to find support at 102.16, Friday's low, and resistance at 103.29, Thursday’s high.

Parliamentary approval of austerity measures, including painful pension reforms and public-sector layoffs, lowers the chances of Greece running into a messy default in March.

Officials from the European Union, the European Central Bank and the International Monetary Fund were demanding austerity from Greece in exchange for access to a EUR130 billion bailout facility.

News of the approval in parliament sparked demand for the euro and for equities worldwide.

Furthermore, Japan's gross domestic product contracted in the fourth quarter of 2011 by 0.6% on year, more than an expected decline of 0.3%.

The euro, meanwhile, was up against both the pound and the dollar, with EUR/GBP gaining 0.16% to 0.8389 and EUR/USD gaining 0.38% at 1.3249.

On Monday Japan will address benchmark lending rates while in in the U.K., the Royal Institution of Chartered Surveyors' House Price Balance will hit the wire.

Australia is to publish business confidence figures.

Also Monday, Switzerland is to release official data on producer price inflation, an important gauge of consumer inflation.