The USD/JPY currency pair is showing signs of an upside bias, with potential for intraday testing of the 162.80 yen level, according to FX Street. While the pair may approach this level, major resistance around 163.00 yen is considered unlikely to be breached in the near term.
Over the next one to three weeks, trading in USD/JPY is expected to remain within a range of 160.60 to 163.00 yen, reflecting a mixed outlook for the pair. This forecast was highlighted by United Overseas Bank (UOB) strategist Quek Ser Leang, as reported by FX Street.
For Japanese investors, this range-bound movement comes amid ongoing market adjustments to monetary policy shifts and global economic developments, which continue to influence the yen's performance against the US dollar.