USD/JPY rose above MA (200) H1

Today, the USD/JPY hourly chart shows a steady recovery after a prolonged phase of decline and consolidation. The price confidently overcame the resistance at 143.20 and reached the area of 144.75, from where it began a slight correction. The current dynamics shows bullish momentum, while the price is trading significantly above the MA (200) H1 moving average (142.40), which confirms the change of the medium-term trend to an upward one.

The MACD shows a pronounced positive momentum with a high histogram, which indicates the strength of the current upward movement, however, short-term overheating is possible, especially given the recent sharp rise.

The overall technical background is positive, but after a rapid upward movement, a short-term correction or consolidation is possible. A breakdown and consolidation above 144.75 will open up the potential for further growth, while a return below 143.20 may increase pressure on buyers.

Resistance levels are: 144.75, 145.15, 148.25

Support levels are: 143.20, 142.40, 141.55

The main scenario for the pair's advance implies a breakout of the session high of 144.75 and there may be an increase to 145.15 (high of the European session on April 10)

The alternative scenario assumes a breakout of 143.20 (April 30 high), a decline to MA (200) H1 (142.40) and then, maybe, to 141.55 (April 23 low)