UOB strategists see limited upside for the pair despite intraday recovery, citing resistance at 158.30 levels.
The Japanese yen struggled to break past 158.30 against the US dollar after a volatile trading session that saw USD/JPY spike to 157.76 before briefly dropping to 157.04 and closing at 157.61. The pair remains underpinned but faces resistance near current levels.
Earlier sessions saw heightened volatility, with the yen weakening amid broader dollar strength. Analysts note that while intraday movements may push the pair slightly higher, further gains are expected to stay capped below 158.30.
Market focus remains on key technical levels as traders assess the yen’s short-term trajectory against the dollar.