$163 Dollar-Yen Range Holds Despite Intervention Jitters

The dollar-yen pair struggled to gain direction in Tokyo foreign exchange trading on Monday. Market participants were cautious about potential currency intervention by Japanese monetary authorities, leading to bouts of yen buying.

Widespread wariness over intervention weighed heavily on the dollar, but a lack of change in the Middle East situation and stable crude oil prices limited aggressive selling.

The dollar-yen fell from 163.71 yen to 163.45 yen in morning trading, before edging lower to around 163.60 yen in the afternoon.