FXStreet reports that according to FX Strategists at UOB Group, USD/JPY could slip back to the mid-103.00s and below in the next weeks.

Next 1-3 weeks: “Last Tuesday, we indicated that ‘downward pressure has dissipated’ and we expected USD to ‘trade between 103.70 and 105.30’. USD subsequently traded mostly sideways but is currently approaching the bottom of the range and downward momentum is beginning to improve. That said, USD has to close below 103.50 in order to indicate that it is ready to tackle the month-todate low at 103.18. The odds for such a move appear to be quite high as long as USD does not move above 104.50 within these 1 to 2 days.”