USD/JPY rose above MA (200) H1

Today, the USD/JPY hourly chart shows a steady upward movement after a period of consolidation and correction. The price overcame the resistance level of 144.40 and continued to rise up to a local maximum around 146.15, after which a slight downward correction began. The current price is 145.10, and the nearest support is now at 144.40, which previously acted as resistance. The MA (200) H1 moving average is located around 143.881 and was broken from the bottom up, which confirms the change of the short-term trend to an upward one. The price is significantly higher than this average, which indicates the dominance of bulls in the market. The MACD indicator shows positive histogram values, but with a clear decrease in amplitude, which indicates a weakening of the upward momentum and a possible short-term correction. The overall picture indicates a bullish mood with signs of local overbought conditions and the need for correction or consolidation before a new upward momentum.

Resistance levels are: 146.15, 147.15, 148.25

Support levels are: 144.40, 143.45, 142.35

The main scenario for the pair's advance assumes a session high of 146.15 (May 8 high) and there may be an increase to 147.15 (high of the European session on April 20)

An alternative scenario assumes a breakout of the support of 144.40 ( low of the American session on May 8), a decline to MA (200) H1 (143.90) and then, maybe, to 143.45 (May 8 low)