UOB analysts see limited further gains for the pair, with resistance at 163.00 and support at 160.60 over the next 1-3 weeks.
USD/JPY remains firm near 162.70 after a sharp rise, with intraday bias favoring further upside. However, major resistance at 163.00 is expected to hold, capping gains in the near term.
The pair has traded within a defined range of 160.60 to 163.00, reflecting a mixed outlook over the next 1-3 weeks. Recent sessions saw USD/JPY fluctuate between 161.66 and 162.18 before closing marginally higher at 162.09.
Early Asian trade showed a firm tone, but analysts do not expect a break above 163.00. Support levels are identified at 162.00 and 161.80, with the medium-term trend contingent on holding above 161.00.