USD/JPY tests MA (200) H1

Today, the USD/JPY pair is trading in the range of 148.60-149.65 with signs of weakening of the upward momentum. The pair is in the phase of an upward corrective movement after the breakdown of the MA (200) H1 moving average line (148.65), which now acts as a dynamic support. The price met resistance in the area of 149.65, after which a local downward correction began. The nearest support level is in the 148.20 zone. If the price stays above this level, a new upward impulse is possible with the aim of retesting 149.65 and a subsequent move to 150.20. The MACD indicator remains in the positive zone, but the histogram has begun to decline, which may signal a slowdown in the upward momentum. In case of a breakdown of 148.20 down, a further decline to 147.40 is possible.

Resistance levels are: 149.65, 150.20, 151.30

Support levels are: 148.20, 147.40, 146.55

The main scenario for the pair's advance implies a breakout of the session high of 149.65 and there may be an increase to 150.20 (March 5 and 19 high)

An alternative scenario assumes a breakout of the support of 148.20 (March 20 low) and there may be a decline to 147.40 (March 13 low)