Ella 
192
We were wrong to call USD/JPY weaker yesterday. Contrary to the decline, the exchange rate rebounded to a high of 142.59. The upward momentum has improved slightly, and the exchange rate may rise slightly today. However, any gains are not expected to threaten the key resistance at 143.30 (another resistance is at 142.90). On the downside, a break below 141.90 would ease the current mild upward pressure.
The next 1-3 weeks: Yesterday (August 7th, the market price was 141.60) we emphasized that “the upward pressure established recently has subsided, and the exchange rate is expected to trade within a wide range of 140.00/143.30.” Our view remains unchanged.
