The US dollar rebounded slightly against the yen in late Asian trading after hitting an intra-day low of 118.50 in early action, dealers said. The dollar succumbed to early profit-taking following last week's strong gains but continuing expectations of rising US interest rates, especially with US jobs data showing a strengthening trend, helped support the dollar, they said. Analysts believe the US dollar's positive momentum will continue this week. "In view of the light data releases this week, the US dollar would probably remain in recognizable ranges, albeit with a slight upward bias, given last week's shift in momentum in favor of the greenback," United Overseas Bank said in a note to clients. The US is releasing its December trade deficit data on Friday and this could help provide a spark for the forex market this week, UOB said. "We expect the trade deficit to improve to 63.80 bln usd on the back of modestly lower petroleum import prices and a large drop in nominal imports based on port data," UOB said.