USD/JPY continues to show steady recovery

Today, on the hourly chart, USD/JPY continues to show a steady recovery after the breakdown of the 200-period moving average upward, consolidating above the level of 144.70 and reaching a maximum near 146.30. However, at the moment there is a local correction from the reached heights, and the price is rolling back to the nearest support at 144.70, which is now being tested as a potential rebound. If it persists, a new wave of growth in the direction of 146.30 and above is possible. In the event of a breakdown downwards, attention will shift to the level of 143.85 and then to a stronger support at 142.80, where the base for the current upward momentum was previously formed.

The MACD indicator remains positive, but the histogram begins to decline, indicating a slowdown in the bullish momentum and a possible deepening of the correction. Nevertheless, as long as the MACD remains above the zero mark, the overall direction remains upward. The key point remains the market's reaction to the level of 144.70: its working up will confirm the strength of buyers, and a breakdown down will increase the interest of sellers.

Resistance levels are: 146.30, 147.65, 148.70

Support levels are: 144.70, 143.85, 142.80

The main scenario for the pair's advance suggests a breakout of the session high of 146.30 and there may be an increase to 147.65 (May 14 high) 

An alternative scenario suggests a breakout of the session low of 144.70 and there may be a decline to 143.85 (May 28 low)