The U.S. dollar is expected to test its upside against the yen this week as U.S. investors continue to cash in foreign assets for dollars to make up for their losses on plummeting U.S. stocks.
Speculators are keen to test the May 1999 high of 124.75 yen to the dollar, although support may be seen around the 120 yen line, dealers said.
The dollar rose to as high as 122.73 yen Friday in Tokyo but ended up at 122.54-57 yen at 5 p.m., its highest level here since July 9, 1999. It was as low as 119.44 yen last Monday.