A move to the mid-115.00s in USD/JPY appears doable in the next weeks, noted UOB Group’s FX Strategists.

Key Quotes

24-hour view: “USD closed largely unchanged last Friday at 115.08 (+0.02%) but traded on a firm note in early Asian hours. Upward momentum is beginning to build and USD could rise to 115.40. For today, a clear break of this level is unlikely. Support is at 115.00 followed by 114.80.”

Next 1-3 weeks: “While the advance is USD over the past week has not gained much momentum, there is room for USD to edge above the Nov’s peak near 115.50. Barring a surge in momentum, a sustained rise above this level is unlikely (next resistance is at 115.80). On the downside, a breach of 114.60 would indicate that the current upward pressure has eased.”