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The selling bias in USD/JPY seems to have lost some momentum, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “USD traded within a relatively narrow 106.01/106.49 range last Friday and registered an ‘inside trading day’. The price action is viewed as part of an on-going consolidation phase. In other words, USD is expected to continue to trade sideways for now, likely between 106.10 and 106.60″.

Next 1-3 weeks: “After the recent volatility, USD traded in relatively quiet manner last Friday (between 106.01 and 106.49). For now, we continue to hold the view that downward pressure has eased even though it is too early to expect a significant recovery. Meanwhile, USD could continue to trade sideways for several more days”.