USD/JPY shows steady recovery

On the hourly chart, the USD/JPY pair shows a steady recovery after the decline phase that began on June 20. The price confidently overcame the area of 145.75, gained a foothold above the MA (200) H1 moving average and continued to grow, reaching the resistance zone of 147.60. In recent hours, consolidation has been observed near this level, which indicates a possible pause before further movement. If the price holds above the support of 146.70, then there is still the potential to continue the upward movement with a target of 148.05. The moving average is directed upwards, which confirms the uptrend. The MACD indicator shows a gradual decrease in the positive momentum, but so far there has been no signal for a reversal. If a pullback occurs, an important holding zone will be 145.75, the breakdown of which may increase the downward pressure and send the price to 145.25. The overall technical picture indicates a predominance of bullish momentum, while short-term overbought conditions may cause a corrective movement.

Resistance levels are: 147.60, 148.05, 148.50

Support levels are: 146.70, 145.75, 145.25

The main scenario for the pair's advance suggests a breakout of the session high of 147.60 and there may be an increase to 148.05 (June 23 high)

An alternative scenario assumes a breakout of the support of 146.70 (low of the European session on July 11) and there may be a decline to 145.75 (July 10 low)