FXStreet reports that UOB Group’s FX Strategists noted USD/JPY returned to the consolidative mood.

Next 1-3 weeks: “Our latest narrative was from Wednesday, where we highlighted ‘upward momentum is beginning to improve and the risk of a break of 110.55 has increased’. We added, ‘if 109.95 is breached within these few days, it would indicate that USD is still ‘caught’ in a 109.30/110.55 range’. USD subsequently rose to 110.44 but yesterday, it staged a surprisingly sharp decline and cracked 109.95 (low of 109.61). The build-up in momentum has fizzled out quickly and the overall price actions suggest that USD is still consolidating within a range of 109.30/110.55.”