USD/JPY: Positioning for a Breakout Beyond Range Resistance

Current Market Structure and Technical Confluence

USD/JPY is currently trading at 149.93, exhibiting a sideways trend within a defined range. The immediate daily range has been established between 149.28 and 150.58. While the market has been consolidating, I observe a clear structure forming. The 149.28 level has proven to be a robust immediate support. Below this, we have stronger structural support at 145 and 140. On the upside, 150.58 acts as the immediate resistance, followed by significant levels at 155 and 160. My technical assessment suggests that while volatility has