On Friday, USD/JPY traded higher and closed the day in the positive territory around 146.45. Today the pair was trading in a tight range of 146.40-60, staying close to the November 2022 highs. On the hourly chart, USD/JPY is still trading above the MA line (200) H1 (145.75). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the pair remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
Probably, the main scenario is continued growth towards 146.60 (Aug 25 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall towards 144.55 (Aug 23 low).
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