USD/JPY fell to its weakest level in nearly three weeks at 114.53  before paring its losses and turning flat on the day near 114.80. Economists at OCBC Bank expect the pair to suffer further losses toward 114.20/00 in the coming sessions.

Near-term technicals still negative for USD/JPY

“Near-term technicals turned negative for the USD/JPY late last week, and have not seen any reprieve since.” 

“With tensions looking to escalate, do not rule out further dips towards 114.00/20 in the coming sessions.”