Ella 
175
After USD/JPY fell to 145.66 on Tuesday, we noted yesterday that “while downside momentum has not strengthened significantly, a break below 145.65 is likely.” However, we believe that “any decline is to be seen as part of a wide 145.35/146.70 range. “After that, the exchange rate trading range was narrower than expected (145.54/146.56). Today, the pair is likely to continue trading within a range, possibly between 145.60 and 146.60.
Next 1-3 weeks: We continue to hold the same view as yesterday (August 30, spot price 146.00). As highlighted, recent upward pressure has subsided. Currently, we expect the pair to trade in a range between 144.50-147.20.
