USD/JPY remains below MA (200) H1

Today, the hourly chart of the USD/JPY pair shows a sharp downward movement, which began after the breakdown of the level of 148.70 and led to a decrease to a 6-month low of 144.55. The decline was accompanied by a significant increase in bearish strength, which is confirmed by the deep negative MACD histogram. However, after reaching a local low, the price began to form a consolidation zone with recovery attempts. Currently, the quotes are near the level of 146.20, showing signs of a short-term sideways movement. The MACD histogram rises and begins to stabilize near zero, which may indicate a weakening of the bearish momentum and the possibility of corrective growth. Resistance is located at 146.80, the breakdown of which will open the way to 147.40. At the same time, the price is still trading below the MA (200) H1 moving average line (148.90), which indicates the predominance of a downtrend in the medium term.

Resistance levels are: 146.80, 147.40, 148.90

Support levels are: 144.55, 142.95, 141.65

The main scenario for the pair's advance implies a breakout of the support of 144.55 (April 4 low) and there may be a decline to 142.95 (Oct 1 low)

An alternative scenario suggests a breakout of the session high of 146.80 and there may be an increase to 147.40 (April 4 high)