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- USD/JPY remains above MA (200) H1
USD/JPY remains above MA (200) H1
Today, the USD/JPY hourly chart shows a correction after a strong upward momentum, which peaked at 148.70. After that, the price began to decline and is currently trading around 146.00. An important support level is in the area of 145.45, where the MA (200) H1 moving average is also located, acting as an additional support factor. The MACD indicator shows a slowdown in the downward momentum - the histogram is still in the negative zone, but it has begun to contract, indicating a possible reversal. If the price manages to stay above 145.45 and gain a foothold above 146,000, this may signal a resumption of the upward movement. However, a breakdown below 145.45 will pave the way for a deeper decline. The overall technical background remains neutral with signs of a possible completion of the correction and recovery of the uptrend.
Resistance levels are: 147.65, 148.70, 150.45
Support levels are: 145.45, 144.80, 143.45
The main scenario for the pair's advance assumes a breakout of the resistance of 147.65 (May 14 high) and there may be an increase to 148.70 (May 12 high)
An alternative scenario suggests a breakout of the session low and MA (200) H1 (145.45) and there may be a decline to 144.80 (May 9 low)
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