Ella 
24-hour view: We thought yesterday that “USD/JPY’s strong rally could extend to 143.20 before the risk of a pullback increases. Market conditions remain severely overbought and USD/JPY is unlikely to rise further. Today, USD/JPY The dollar is more likely to trade in the 142.40/143.65 range.
Next 1-3 weeks outlook: Yesterday (August 1, when the price was 142.30), we emphasized that USD/JPY “must break and hold above 143.20 for further sustained gains to be possible. Although price action suggests that USD/JPY May continue to rise, but it remains to be seen whether there is enough momentum to push it to the June high around 145.00. Meanwhile, overbought short-term conditions may lead to a 1-2 day consolidation. As long as USD/JPY remains Above strong support at 141.50 (140.50 yesterday), the upside risk remains unchanged.
