FXStreet reports that FX Strategists at UOB Group note that USD/JPY is still forecast to maintain the consolidation between the 109.20/110.60 band in the next weeks.

24-hour view: “The sharp drop in USD to 109.57 came as a surprise (we were expecting sideway-trading). The rapid decline appears to be overdone and USD is unlikely to weaken much further. For today, USD is more likely to consolidate and trade between 109.50 and 110.10.”

Next 1-3 weeks: “The build-up in momentum fizzled out quickly as USD dropped sharply to 109.57 yesterday (27 Jul). The recent price actions have resulted in a mixed outlook and USD could trade within a 109.20/110.60 range for now.”