FXStreet reports that FX Strategists at UOB Group said that the constructive view in USD/JPY remains well and sound in the short-term horizon.

Next 1-3 weeks: “Last Thursday, we highlighted that ‘risk for USD has shifted to the upside’ and we were of the view that ‘the solid resistance at 104.75 may not yield so easily’. However, USD popped to a high of 104.94 on Friday before easing off to close on a firm note at 104.68. Upward momentum has improved and USD is likely to strengthen further. That said, overbought shorter-term conditions could lead to a couple of days of consolidation first. Looking ahead, a clear break of 105.00 would shift the focus to 105.40. Overall, the current positive outlook for USD is deemed intact as long as USD does not move below 104.00 (‘strong support’ level previously at 103.75).”