* Market disappointed by lack of deal on Greece
* Lenders to meet next Monday to try again to reach agreement
* Dollar hits 7-1/2 month high vs yen, breaks above 82 yen
By Nia Williams
LONDON, Nov 21 (Reuters) - The euro slid on Wednesday after Greece's international lenders failed to agree a deal to release funds for the indebted country, although expectations of an agreement next week could help to limit losses.
The yen also fell, hitting a 7-1/2 month low against the dollar on speculation of more aggressive monetary easing in Japan and after data showed Japanese exports fell for a fifth month running.
Euro zone finance ministers, the International Monetary Fund and the European Central Bank ended 12 hours of talks without agreement on the next tranche of loans to Athens, as they haggled over how to reduce the country's debt to a sustainable level.
The euro was down 0.5 percent at $1.2756, having earlier dropped to a session low of $1.2736, with macro funds cited as sellers. Traders cited stop-loss orders around $1.2720-30.
Lenders will now try to hammer out an agreement at another meeting next Monday.
"Everyone is looking at the probability they will come up with a solution by Monday," said Ulrich Leuchtmann, head of FX research at Commerzbank, adding those expectations would support the euro above last week's low of $1.2661.
"But I fear there may be more disappointment than many people expect. The market has not properly priced the risks that are on the table."
Leuchtmann said failure to agree on a Greek deal could leave Athens bankrupt, and he expected any euro gains ahead of the talks to be capped around this week's high of $1.2829.
The single currency is also under pressure from recent economic data showing the euro zone is in recession and from uncertainty over Spain. Madrid has not yet requested financial aid and the country faces a secessionist threat in a regional election on Sunday in Catalonia.
The dollar rose to 82.12 yen, its highest level since early April, after breaking through a reported options barrier at 82 yen and triggering stop-loss orders above.
It was the dollar's sixth consecutive day of gains against the yen, and market players cited a further options barrier at 82.50 yen.
The euro also hit a 6-1/2 month high of 105.07 yen before news of the failure of Greek talks in Brussels knocked the single currency. It was last trading at 104.69 yen, close to flat on the day.
Data showing Japan's exports fell more than expected in October added to worries the country is slipping into recession, and spurred more selling of the yen.
"The data was not just worse than expected but also underscored the poor state of the economy. The yen's downtrend seems pretty solid now," said Katsunori Kitakura, associate general manager of market making at Sumitomo Trust Bank.
The yen has been falling sharply since Prime Minister Yoshihko Noda called an election on Dec. 16. The main opposition leader, a front-runner to become the next premier, is pushing the Bank of Japan for more aggressive monetary stimulus.
Shinzo Abe, the leader of the Liberal Democratic Party has called for "unlimited easing", pushing rates below zero, directly underwriting bonds issued to fund public works, and setting an inflation target as high as 3 percent.
Broad dollar gains helped the dollar index to climb 0.3 percent to 81.178, while the Australian dollar slipped in line with other perceived riskier currencies, falling 0.2 percent to US$1.0364.