FXStreet reports that FX Strategists at UOB Group notes that extra gains in USD/JPY now look under pressure.

24-hour view: “Our expectation for USD to ‘grind higher to 109.50’ was incorrect as it fell sharply to an overnight low of 108.40 (high has been 109.23). Upward momentum has more or less dissipated and the current movement is viewed as part of a consolidation phase. In other words, USD is expected to trade sideways, likely within a 108.30/108.95 range.”

Next 1-3 weeks: “USD subsequently rose to a fresh high of 109.23 but the advance was short-lived as it fell sharply to an overnight low of 108.40. Rapid loss in shorter-term momentum has diminished the odds for further USD strength but only a break of 108.00 (no change in ‘strong support’ level) would indicate that 109.23 is the extent of the current positive phase in USD.”