FXStreet reports that in the opinion of FX Strategists at UOB Group, USD/JPY could recede further and visit the 102.00 zone in the near-term.

24-hour view: “Our expectation for the ‘rebound in USD to edge above 103.30’ was incorrect as it slumped to 102.59 before closing on a soft note at 102.72 (-0.37%). While downward momentum has not improved by all that much, the risk is for USD to weaken further even though 102.30 could be out of reach. Resistance is at 102.90 followed by 103.15.”

Next 1-3 weeks: “Downward momentum has improved and there is room for USD to weaken to 102.30, possibly 102.00. Overall, downward pressure has increased as long as USD does not move above 103.35 (‘strong resistance’ level previously at 103.65).”