Dollar holds firm in Asian trade

TOKYO: The dollar held firm versus the yen in Asian 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 102.19 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 was almost flat at $1.2934 while weakening to 132.18 yen from 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.