The USD/JPY currency pair showed volatility on Tuesday, fluctuating between 161.26 and 162.48 before settling at 162.42, according to FX Street. Early in the European session, the pair remained pressured as intervention risks supported the Japanese yen amid a softer US dollar.
FX Street noted that the pair rebounded from a low of 161.26 to trade within a range of 161.55 to 162.48, closing firmly near the upper end. Meanwhile, United Overseas Bank (UOB) highlighted the potential for the pair to test 162.70, although a move to 163.00 remained unlikely. Support levels were identified around 162.20 to 162.00.
This movement reflects ongoing sensitivity in the USD/JPY pair to market interventions and broader USD weakness, factors closely watched by Japanese investors amid fluctuating global risk sentiment.