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Further gains in USD/JPY are likely if the 106.00 level is cleared, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “In line with our expectation, USD traded sideways yesterday, between 105.25 and 105.68, narrower than our expected range of 105.25/105.75. The price actions offer no fresh clues and USD could continue to trade in a quiet manner for now, albeit at a slightly lower range of 105.20/105.70.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (23 Sep, spot at 105.05). As highlighted, the recent negative phase has run its course and USD is in the early stages of a correction phase. There is room for USD to edge higher but any advance is viewed as part of 104.75/105.75 range (narrowed from 104.25/105.75 previously). While a move above 105.75 would not be surprising, USD has to break 106.00 before a sustained advance can be expected.”