* Euro rises on speculation of positive troika action * Parliamentary votes on EFSF still ahead * Yen climbs on Japanese exporter month-end demand By Nia Williams LONDON, Sept 28 (Reuters) - The euro hit a one-week high against the dollar on Wednesday on cautious optimism Greece will get the bailout funds it needs to stave off default for the time being, though market players said the single currency looked vulnerable to profit-taking. The EU Commission said fiscal inspectors from the European Union, European Central Bank and International Monetary Fund were due to arrive in Athens on Thursday. Market speculation over a positive statement from Greece's troika of international lenders helped push the single currency to a one-week high of $1.3690, up 0.7 percent on the day and surpassing its high of $1.3668 from the previous session. The euro extended gains after triggering stop-loss orders from model funds around $1.3670, traders said. A U.S. investment bank was cited as a large buyer. Further stop-losses were seen around $1.3720, just beyond technical resistance at $1.3711, the 100-week moving average. "The market seems to have a belief that Europe is facing up to the problems and it's risk back on," a London-based spot trader said. Talk of proposals to leverage up the region's 440 billion euro rescue fund -- the European Financial Stability Facility -- fuelled demand for riskier assets on Tuesday. But many analysts said they thought the euro remained at risk of profit-taking and saw Wednesday's push higher as a short-term break in a fundamentally bearish downtrend. Media reports suggested a split had opened within the euro zone over Greece's bailout terms, highlighting one of the many hurdles lying ahead for policymakers trying to resolve the debt crisis. "Everybody is focusing on Greece and the EFSF leverage plan. It's dividing Europe and that cannot be good," said Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi. "Still, the market is cautious about going too aggressively against risk because we got the (parliamentary) vote (on the EFSF) tomorrow in Germany which will pass and it looks like Greece will get its next tranche." YEN STRENGTH The yen rose, buoyed by Japanese fund repatriation and buying by Japanese exporters ahead of the quarter's end and the end of Japan's financial half year. The dollar slipped 0.6 percent to 76.33 yen , not far from a record low of 75.941 hit in August on trading platform EBS. Traders cited heavy system fund stops layered under 75.90 yen and real money stops under 75.70 yen. The euro was steady at 104.43 yen paring some of the previous day's gains, when it climbed 1.1 percent. The euro hit a decade low versus the yen near 101.95 players had been speculating Japan could intervene to cool its earlier this week. Some market currency this week ahead of its financial half-year end, and to offer some relief to Japanese exporters, which have been stung by the dollar's 5.9 percent drop versus the yen so far in 2011. Tsutomu Soma, senior manager at Okasan Securities' foreign securities department in Tokyo, said that while yen-selling intervention may be a possibility, it would probably only happen if moves in the yen turned particularly violent. "If the dollar falls below its record low near 75.95 yen, triggers some stops and the move becomes volatile, I think there is the possibility of another one-off intervention," he said. The Australian dollar edged 0.3 percent higher to $0.9938 , as risk appetite picked up and the dollar index dipped slightly, down 0.15 percent at 77.386. Federal Reserve Chairman Ben Bernanke gives a speech at 2100 GMT and might offer some reaction to the market's mostly negative response to last week's Operation Twist by the U.S. central bank. Any hint that even more monetary easing is possible could help underpin risk appetite. (Additional reporting by Neal Armstrong; Editing by John Stonestreet)

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