USD/JPY Holds Below 161.90 on Yen Support, Fed Caution

USD/JPY is trading slightly negative below the 161.90 level, with the Japanese Yen finding modest support during the session. The dollar's downside is limited by cautious commentary from New York Fed President John Williams, who emphasized the need for more evidence that inflation is moving sustainably toward the 2% target. Lingering inflation concerns continue to underpin the greenback, keeping the pair rangebound. Traders are awaiting further catalysts from US economic data and Fed speeches later in the week.