USD/JPY: Short Setup as Resistance Holds Firm Amidst Sideways Consolidation

I am observing USD/JPY closely, and while the pair currently trades with a sideways bias, the technical picture suggests a potential short opportunity given its recent price action near significant resistance. The current price stands at 149.26, having posted a modest -0.16% change over the last 24 hours within a day range of 148.89 to 149.62. My analysis points towards a short position, aligned with a position trading timeframe.

Technical Analysis: Resistance Rejection in Focus

The USD/JPY chart clearly indicates a struggle for upward momentum as the pair approaches the immediate resistance level at 149.62. My entry point for this short trade is set at 149.4, positioned strategically just below this key resistance, anticipating a rejection or an inability to sustain a move above it. The broader trend remains sideways, which reinforces the expectation that any attempts to push higher might be met with selling pressure rather than a decisive breakout. The stop loss is placed at 150.00. This level is a