According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, the most likely scenario at the moment is for USD/JPY to continue rising, although a visit to 147.65 might have to wait for now.
24 hour view: “Our expectations for USD/JPY to ‘break 145.00’ yesterday failed to materialize as it traded sideways between 143.30 and 144.55. The move appears to be part of a consolidation and it would not be surprising if it continued to trade sideways. Expected range today 143.40 /144.60”.
Next 1-3 weeks: “Not much to add to our update from yesterday (Sep 8, USD/JPY at 144.10). As we have highlighted, USD/JPY could continue to rally, but overbought conditions suggest a slower pace of advance and At this point in time, the possibility of USD/JPY rallying to the 1998 high near 147.65 is not great.To the downside, a break of 142.50 (“strong support” level was 142.20 yesterday) would indicate that the USD/JPY rally is ready to pause.”
Source: Fx Street