USD/JPY dropped below MA (200) H1

On the hourly chart, the USD/JPY pair, after rapidly rising to a maximum around 148.05, turned around and entered a phase of active decline, breaking through the support levels of 146.30, 145.95 and 145.25, and also falling below the MA (200) H1 moving average, which signals a change in the medium-term trend to a downward one. A local minimum was recorded near the level of 143.75, after which the pair attempted a corrective growth, however, resistance in the area of 145.25 and the moving average restrain the development of an upward movement. The current price is consolidating around 144.60 within a sideways range. The MACD indicator shows a gradual recovery after a deep negative zone, the histogram rises to zero, which indicates a possible continuation of the upward correction. Nevertheless, the lack of consolidation above 145.25 limits the growth prospects, and a breakdown of the 143.75 support will again increase pressure on the pair and may lead to a deepening decline.

Resistance levels are: 145.25 145.95, 146.30

Support levels are: 143.65-75, 142.80, 142.40

The main scenario for the pair's advance assumes a breakout of the support of 143.75 (June 26 low) and 143.65 (minimum on June 16) and there may be a decline to 142.80 (June 13 low).

The alternative scenario assumes an increase to 145.25 (June 26 high, MA (200) H1) and then, maybe, to 145.95 (June 25 high).