Ella 
190
24-hour view: Yesterday, we thought USD/JPY “may have entered a consolidation phase” and expected it to trade between 140.70-141.90. The dollar’s subsequent trading range was narrower than expected (140.84/141.72). Price action still appears to be consolidating. Today, we expect the pair to trade in a range of 140.60/141.65.
Next 1-3 weeks: Since Monday (July 24, spot at 141.70) we have emphasized that “a rapid build-up in momentum is likely to see USD/JPY to 143.00”. The pair has been unable to move higher and the possibility of a move to 143.00 has diminished. On the downside, a break below 140.00 (“strong support” level unchanged) would imply 143.00 will not be reached.
