The USD/JPY traded higher yesterday and closed the day in positive territory around 147.70. Today the pair was trading in a tight range of 147.35-80, staying close to the November highs. On the hourly chart, USD/JPY is still trading above the moving average line MA (200) H1 (146.30). 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 147.80 (Sep 5 high).
The alternative scenario suggests consolidation below MA 200 H1, followed by a fall to 144.45 (Sep 1 low).
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