USD/JPY shows steady recovery

There is a pronounced upward trend on the hourly chart of the USD/JPY pair, which is still continuing and is confirmed by a steady price movement above the moving average line, which indicates the dominance of bullish sentiment. After a slight corrective decline to the level around 143.50-143.30, the price began to rise again, updating local highs. The MACD indicator shows a positive histogram, supporting the idea of an upward movement and indicating the strength of the buying side. In the near future, it is possible to continue growth and test the resistance level around 148.00, after which the movement towards new highs may continue. In the event of a correction when approaching the level of 147.00—147.50, there is a possibility of a temporary downward pullback, however, the general scenario remains bullish.

Resistance levels are: 148.05, 148.50, 149.00

Support levels are: 147.20, 146.70, 145.75

The main scenario for the pair's advance suggests a breakout of 148.05 (June 23 high)

and there may be an increase to 148.70 (May 12 high)

An alternative scenario suggests a breakout of support at 147.20 (July 9 high) and a possible decline to 146.70 (low of the European session on July 11)