Ella 
24-hour view: Yesterday we thought that USD/JPY “may rise slightly, but any gains are expected to face strong resistance at 144.00.” Then the exchange rate rose to 143.89 before unexpectedly falling to 142.05. This appears to be part of a wide range trade. Today we expect the pair to trade between 142.00 and 143.50.
Next 1-3 weeks: Since two days ago (143.10 market price on 2nd August), we believe that “while USD/JPY may continue to rise, it remains to be seen whether there is enough momentum to push prices around 145.00, the June high.” The pair rose to a fresh one-month high of 143.89 yesterday before falling close to our ‘strong support’ level of 142.00 (low 142.05). Upward momentum is starting to wane and the probability of a move to 145.00 is decreasing. A break above a ‘strong support’ level would suggest that the pair could trade in a wide range for some time.
