USD/JPY demonstrates a correction phase

On the hourly chart, the USD/JPY pair is showing a corrective phase after the recent sharp rise, which ended near the level of 147.20. Since the rollback, the price has been consolidating below the resistance of 146.50, which may indicate market indecision. Support is forming at 145.75, and its breakdown may trigger a deeper decline to 145.25 and further to 144.20. Moving Average MA (200)H1 is pointing upwards, which indicates the continuation of the medium-term uptrend, but the current price is trading above it with clear signs of slowing momentum. The MACD indicator shows weak signs of a slowdown in bullish pressure — the histogram is moving into a negative zone, which may signal a further pullback. Overall, the technical picture indicates a consolidation phase with an increased risk of correction if the near-term resistance cannot be overcome.

Resistance levels are: 146.50, 147.20, 148.05

Support levels are: 145.75, 145.25, 144.20

The main scenario for the pair's advance suggests a breakout of the session high of 146.50 and there may be an increase to 147.20 (July 9 high) 

An alternative scenario suggests a breakout of the session low of 145.75 and there may be a decline to 145.25 (July 4 low)