FXStreet reports that UOB Group’s FX Strategists noted the probability of extra declines in USD/JPY could be running out of steam.

Next 1-3 weeks: “We highlighted yesterday that ‘downward momentum is beginning to improve but USD has to close below 103.50 in order to indicate that it is ready to tackle the month-to-date low at 103.18’. We added, ‘the odds for such a move appear to be quite high as long as USD does not move above 104.50 within these 1 to 2 days’. USD dropped to a low of 103.81 before staging a surprisingly sharp rebound (overnight high of 104.40). There is no change in our view for now but unless USD can stay below 104.00 within these 1 to 2 days, the odds for further weakness would diminish quickly.”