FXStreet reports that FX Strategists at UOB Group note that USD/JPY could likely trade within the 109.20/110.60 range in the next weeks.

24-hour view: “We expected USD to ‘consolidate and trade between 109.50 and 110.10’ yesterday. However, it popped up to 110.28 before dropping back down. The underlying tone appears to have weakened somewhat and USD could edge lower but any decline is not expected to break the support at 109.50.”

Next 1-3 weeks: “Our update from yesterday (28 Jul, spot at 109.85) still stands. As highlighted, the recent choppy price actions have resulted in a mixed outlook and USD could trade within a 109.20/110.60 range for now.”