Forex Pros – The yen was up against the U.S. dollar on Tuesday, after official data showed consumer confidence in Japan rose unexpectedly in June, advancing for the sixth consecutive month. USD/JPY hit 88.35 during early European morning trade, a daily low; the pair subsequently consolidated at 88.43, shedding 0.23%. The pair was likely to find support at 87.66, the low of July 8, and resistance at 89.15, the high of July 12. In a report late Monday, the Japan's Cabinet Office said its index of household confidence rose to 43.5 in June, after advancing to 42.8 in May. Analysts had expected the index to decline to 42.4 in June. The report said all four sub-indexes for consumer confidence -- overall economic well-being, income growth, employment, and willingness to buy durable goods -- posted month-on-month gains. The yen was also up against the euro, with EUR/JPY shedding 0.71% to hit 110.78. Late Monday, opinion polls in Japan showed support for Prime Minister Naoto Kan's government fell dramatically after his party lost their majority in a weekend upper house election.

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