FXStreet reports that FX Strategists at UOB Group suggest that a move to the 111.35 level in USD/JPY now seems to be losing traction.

24-hour view: “... Our expectations for USD to ‘edge higher’ last Friday was wrong as it dropped to 110.47 before snapping back up. The price actions have resulted in a mixed outlook and USD could trade between 110.50 and 111.00 for today.”

Next 1-3 weeks: “USD dropped to 110.47 last Friday before rebounding quickly. Upward momentum has been dented and the chance for USD to advance to 111.35 has diminished. In order to rejuvenate the flagging momentum, USD has to move and stay above 111.00 within these 1 to 2 days or a break of 110.40 (no change in ‘strong support’ level) would not be surprising.”