Ella 
178
USD/JPY rose to a high of 143.77 yesterday. Upward momentum is building and USD/JPY is likely to rise further. A break above 144.00 is not ruled out, but major resistance at 145.05 is unlikely today. Another resistance is at 144.40. Initial support is seen at 143.40, followed by 143.00.
Next 1-3 weeks outlook: On Monday (August 7th, when the price was 141.60), we believe that USD/JPY “could trade in the 140.00/141.30 range”, but when USD/JPY breaks through 143.30 clearly, Our point of view is invalid. Upward momentum is re-gathering and USD/JPY is likely to favor an upward move towards the major resistance at 145.05. However, if USD/JPY breaks below the strong support at 142.50, it will indicate that its upward pressure has weakened.
