FXStreet reports that FX Strategists at UOB Group discusses USD/JPY outlook.

24-hour view: “We highlighted last Friday that ‘there is room for USD to edge higher but any advance is viewed as part of a 103.35/103.75 range’. We added, ‘a clear break of 103.75 is unlikely’. The subsequent USD strength exceeded our expectations as it soared to 103.88 before closing on a firm note at 103.77 (+0.28%). While the advance appears to be running ahead of itself, there is room for USD to test 104.00 first before a pull-back can be expected. For today, USD is unlikely to challenge the strong resistance at 104.20. On the downside, a break of 103.50 would indicated the current upward pressure has eased (minor support is at 103.65).”