USD/JPY demonstrates a phase of corrective decline

On the hourly chart, the USD/JPY pair shows a phase of corrective decline after a rapid upward momentum that reached a local maximum at 148.05. The uptrend began after breaking through the 144.30 level and steadily consolidating above the MA (200) H1 moving average line, which reinforced bullish sentiment. However, after reaching the extreme, the price turned sharply and, against the background of increased sales volume, broke through the level of 146.30, and then decreased to the area of 145,000, where there is now an attempt to stabilize near the average line. The MACD indicator is in the negative zone and shows a developing bearish divergence, which confirms the current selling pressure. If the price fixes below 144.75, there is a high probability of deepening the correction to the supports at 144.30 and further at 143.65. Upward recovery will become relevant only if it consolidates above 146.30, which will indicate a resumption of the upward momentum.

Resistance levels are: 146.30 148.05, 148.70

Support levels are:  144.75, 144.30, 143.65

The main scenario for the pair's advance suggests a breakout of support at 144.75 (June 19 low) and a possible decline to 144.30 (June 18 low).

The alternative scenario assumes an increase to 146.30 (May 29 high) and then, maybe, to 148.05 (June 23 high).