Ella 
We highlighted yesterday that USD/JPY “is likely to strengthen further, but reaching 149.00 is unlikely.” It traded between 147.00 and 147.81, and finally closed at 147.65 (-0.04%), basically unchanged. Although price action has been relatively stable, there appears to be enough momentum to push USD/JPY as high as 148.30. The $149.00 mark may still be out of reach. On the downside, a break below 147.15 (with minor support at 147.45) would suggest no further USD/JPY strength.
Next 1-3 weeks: We continue to hold the same view as yesterday (6 Sep, when the price was 147.70), that USD/JPY has the potential to rise further, likely to 149.00. To maintain rapid growth momentum, USD/JPY must remain above 146.70 (yesterday’s “strong support” was at 146.45).
