In opinion of FX Strategists at UOB Group, USD/JPY is seen between 103.70 and 105.30 in the short-term horizon.
24-hour view: “USD traded between 104.24 and 104.59 yesterday before closing little changed at 104.45 (+0.02%). The range was narrower than our expected range of 104.20/104.80. The price actions offer no fresh clues and further sideway trading would not be surprising. Expected range for today, 104.15/104.60.”
Next 1-3 weeks: “There is not much to add to our update from Tuesday (24 Nov, spot at 104.55). As highlighted, the current movement is viewed as the early stages of a consolidation phase and USD is likely to trade between 103.70 and 105.30 for now.”