USD/JPY remains below MA (200) H1

Today, on the hourly chart, the USD/JPY pair is showing a recovery phase after a strong downward momentum that began on April 2. The price pushed off from the support level of 144.55 and reached the zone of 147.600, where it met resistance. There is currently a local downward correction. The MA (200) H1 moving average (148.55) indicates an overall downtrend as the price is below it. This indicates that the bearish sentiment persists over a broader time horizon. The MACD (5,34,5) shows a decrease in the histogram after a recent upward impulse, which may signal the exhaustion of bullish momentum and a possible reversal or deepening of the correction. The zero line has not crossed yet, but the momentum is weakening. The nearest support level is at 146.75, its breakdown may strengthen sales and open the way to 144.55. Resistance is at 148.15 and further at 148.55. Consolidation above these levels may indicate a change in the medium-term trend to an upward one. In the current conditions, the price action near 146.75 will be important - this is a key zone for determining the further direction of movement.

Resistance levels are: 148.15, 150.50, 151.20

Support levels are:  146.75, 144.55, 142.95

The main scenario for the pair's advance implies a breakout of the session low of 146.75 and a possible decline to 144.55 (April 4 low) 

An alternative scenario assumes a breakout of the session high of 148.15 (April 7 high) and MA (200) H1 (148.55) and there may be an increase to 150.50 (April 2 high)