USD/JPY Range-Bound as UOB Sees Overbought Cap Near 158.40

The USD/JPY currency pair has maintained its range-bound behavior, according to UOB, which sees limited follow-through in momentum despite a scope for further uptick within the day's projected band.

The pair climbed to 157.52 and ended at 157.36, up 0.32%, but UOB expects overbought conditions to cap gains near 158.40.

This cautionary approach is backed by historical data, especially considering Japan's massive 9.8 trillion yen market interventions when the pair breached 160.00 in mid-2024.