Dollar-Yen Range Bound as Euro Fights Off Selling Pressure

The dollar-yen pair experienced a relatively quiet day in the New York foreign exchange market session on the 21st. The pair traded within a narrow range, hovering around the upper 158-yen level. As of 2:00 a.m., the dollar-yen rate stood at 158.97 yen per dollar, only 2 sen stronger than the previous day's closing rate of 158.95 yen.

The EUR/USD pair also showed resilience against selling pressure, trimming its losses and recovering to around 1.1680 dollars after a brief dip to 1.1669 dollars due to rising U.S. long-term interest rates.

Market attention remains focused on whether the dollar-yen will continue to test the 159-yen level, with some analysts eyeing the psychologically significant resistance zone spanning the early-to-mid 159-yen range as a key target for further upside.