Further upside seems to be losing momentum around USD/JPY according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: USD traded in a relatively quiet manner between 144.19 and 144.70 yesterday. The price actions appear to be consolidative and USD is likely to trade in a range of 144.20/144.80 today.

Next 1-3 weeks: The USD strength that started in the middle of last month (see annotations in the chart below) is struggling to maintain its momentum. The prospect for the USD to extend to 145.50 appears to be low. All in all, only a break of 143.90 would suggest that the USD strength has come to an end.