USD/JPY remains above MA (200) H1

On the hourly chart, the USD/JPY pair has been showing an uptrend since June 26, although a downward correction has been observed in recent days. The price is above the MA (200) H1 moving average, which confirms the overall upward momentum. Currently, the price is trading near the level of 147.70. The immediate support, indicated by the red horizontal lines, is at the levels of 147.50 and 147.05. The nearest resistance, based on recent peaks, is around 149.20. The MACD indicator below the chart shows a decrease in bullish momentum, as the histogram decreases and the indicator lines approach a downward intersection, which indicates a potential continuation of the correction. If the price breaks through the MA (200) H1 moving average downwards, it may signal a deeper correction to the levels of 145.25 or even 143.60. However, as long as the price remains above the moving average, there is a possibility of resuming the upward movement after the completion of the current correction.

Resistance levels are: 149.20, 150.45, 151.25

Support levels are: 147.55, 146.85, 145.75

The main scenario for the pair's progress suggests an increase to 149.20 (July 16 high) and then, perhaps, to 150.45 (April 2 high).

An alternative scenario suggests a breakout of support to 147.55 (July 15 low) and a possible decline to 146.85 (July 14 low)