Ella 
UOB Group economist Lee Sue Ann? and market strategist Quek Ser Leang see USD/JPY trading between 138.00-141.00 in the short term.
We were wrong yesterday that USD/JPY would consolidate between 138.80-140.05. Contrary to the consolidation, the pair surged to 140.49 before retreating to close at 140.07 (+0.29%). Although the rise is relatively strong, the upward momentum has not increased significantly. However, there is still room for the exchange rate to rise slightly above 140.50 today, but it is unlikely to threaten the important resistance level of 141.00. Support is at 139.50, then at 139.00.
Next 1-3 weeks: Our update has not changed much since yesterday (19 Jul 139.55). As we have highlighted, the decline that started at the beginning of last week has stabilized. From here, we expect the pair to trade in the 138.00-141.00 range.
