USD/JPY remains above MA (200) H1

Today, on the hourly chart, USD/JPY is showing a pullback after the recent impulse growth, reaching a maximum around 148.70, after which the correction phase began. Currently, quotes are trading near the 146.00 level after a support test at 145.65. The technical picture indicates a possible slowdown in the downward momentum.

The MACD indicator is in the negative zone and continues to decline, confirming the bearish momentum, but the rate of decline is beginning to slow down, which may indicate the approach of a corrective pullback upward. The key support in the area of 145.20 and 144.80 coincides with the level of the MA (200) H1 moving average, which gives these marks additional strength. The overall picture remains corrective within the uptrend as long as the price remains above the MA (200) H1 and the key support zone. Traders should closely monitor the dynamics near 145.60–145.20: a rebound from this zone may resume growth, and a breakdown may strengthen the downward movement.

Resistance levels are: 147.65, 148.70, 150.45

Support levels are: 145.65, 144.80, 143.45

The main scenario for the pair's advance suggests a breakout of the session high of 147.65 and there may be an increase to 148.70 (May 12 high)

An alternative scenario suggests a breakout of the session low of 145.65, MA (200) H1 (145.20) and there may be a decline to 144.80 (May 9 low)