FXStreet reports that FX Strategists at UOB Group said that USD/JPY could now trade within the 109.50-110.70 range in the short-term horizon.

Next 1-3 weeks: “We noted yesterday that ‘downward momentum has waned but only a break of 110.20 would indicate that USD is unlikely to weaken further’. USD subsequently broke 110.20 and rose to 110.38. Downward pressure has dissipated and USD is unlikely to weaken further. The recent sharp but short-lived swings have resulted in a mixed outlook and USD could trade within a 109.50/110.70 range for now.”