USD/JPY drops to 6-month low

Today, the hourly chart of the USD/JPY pair shows a steady decline in quotations since the end of March. After an unsuccessful attempt to rise to the level of 148.30, the price moved to an active decline, breaking through key support levels. The MA (200) H1 moving average (146.85) is significantly higher than the current price and is directed downwards, which confirms the bearish mood in the market. The last downward impulse was quite sharp, and now the price is correcting around 142.65 after a rebound from the support level of 142.05. The MACD indicator shows a steady divergence towards sellers: the histogram continues to be in the negative zone, and its values are deepening. However, the last few bars indicate an attempt to weaken the downward momentum, possibly before a technical correction. The nearest resistance is located in the area of 144.15 - with a breakdown, there may be a development of a short-term upward pullback. However, the overall direction remains downward, and as long as the price is trading below the level of 146.85 and below the moving average, the priority remains for sales. The level of 142.05 remains a key support, and its breakdown may lead to a further decline, possibly to the area of 141.65 and below. In general, the market is showing the strength of sellers, and any corrections are still being considered as an opportunity to open short positions.

Resistance levels are: 144.15, 146.85, 148.30

Support levels are:  142.05, 141.65, 140.30

The main scenario for the pair's advance implies a breakout of the session low of 142.05 and a possible decline to 141.65 (Sep 30 low) 

An alternative scenario suggests a breakout of the European session high of 144.15, an increase to MA (200) H1 (146.85) and there may be an increase to 148.30 (April 9 high)