FXStreet reports that FX Strategists at UOB Group said that USD/JPY is likely to navigate within the 103.70-105.30 range in the next weeks.

Next 1-3 weeks: “One week ago (17 Nov), we held the view that there is a ‘slight downward bias in USD but any weakness is viewed as part of a lower trading range of 103.75/105.20’. After USD dropped to 103.63, we indicated last Thursday (19 Nov) that ‘while the underlying tone still appears soft, the prospect for USD to move to 103.18 from here is not high’. That said, the sudden surge in USD that sent it soaring to an overnight high of 104.63 came a surprise. The mild downward pressure has dissipated and the current movement is viewed as the early stages of a consolidation phase and USD could trade between 103.70 and 105.30 for now.”