USD/JPY Direction Still Uncertain

Forex News USD/JPY rising tad but likely to stick to tight band around 106-106.80 for now, says trader at Japanese trust bank. "The dollar/yen's temporary rise above 107 yesterday suggested the downward trend may be over for now, but there are still many selling orders around current levels, and uncertainty remains," he says. "Earnings results so far cannot be considered good, and players cannot let their guards down just yet," he adds. Focus now on further results such as Wachovia, Washington Mutual, after which players likely to shift attention back to economic fundamentals such as U.S. housing data due later in week, he says. USD/JPY last at 106.56 on EBS.