USD/JPY: Technical Setup for a Long Position Amidst Consolidation

Market Structure and Technical Rationale

The USD/JPY pair is currently trading at 149.78, exhibiting a largely sideways trend over the recent period, contained within a defined range. From a technical perspective, the daily range has been tight, oscillating between 149.36 and 150.21. This consolidation often precedes a significant move. I observe immediate support at 149.36, which aligns with the lower boundary of the current day's trading, providing a critical level for short-term sentiment. My bias is to position long, anticipating a move higher from the lower end of this recent consolidation.
My trade setup involves initiating a long position at 149.6. This entry point is strategically chosen to capture a potential bounce should the pair test and hold around the 149.36 support level before resuming its upward trajectory. The Stop Loss is firmly placed at 148.9. This level is set