Ella 
After USD/JPY rebounded to a high of 148.43 last Friday, we noted yesterday that “the rally still has room to extend, but is unlikely to significantly break above 149.00. The upward momentum has improved, albeit modestly. Today, prices are likely to rise.” to above 149.00. However, the main resistance at 149.50 may be out of reach (another resistance is at 149.20). Support is at 148.60; a break below 148.30 would mean no further gains.
Next 1-3 Weeks: Yesterday (September 25, spot price 148.40), we noted that while upward momentum had improved, it was not enough to suggest that USD/JPY was ready for continued gains. We also note that price must break and hold above 149.00 for further moves higher to be possible. USD/JPY rose to a high of 148.97 during the New York session. While there is no clear break above 149.00, the upside momentum is building further. From here, a move to 149.50 is possible as long as the price remains above 147.80 (yesterday’s “strong support” was 147.40).
