USD/JPY: Navigating the Sideways Trend for a Potential Long Position

Good morning, KoraFX community. I'm focusing on USD/JPY today, which is currently trading around 149.25. While the market has seen a minor dip of -0.25 (-0.17%) in the last 24 hours and is exhibiting a sideways trend within a day range of 148.88 to 149.62, I see a compelling opportunity for a long position trade. My analysis suggests that despite the short-term consolidation, the underlying bullish momentum may resume.

Technical Structure and Entry Rationale

The immediate technical landscape for USD/JPY shows strong support at 148.88, which is the lower bound of the current daily range. This level has proven resilient, preventing deeper declines. On the upside, resistance stands at 149.62, marking the upper limit of the consolidation. My entry at 149.1 is predicated on