USD/JPY: Resistance Holds, Setting Up for a Short Position Play

Technical Read: Rejection at Key Resistance

The USD/JPY pair is currently trading at 149.57, exhibiting a clear sideways trend within a tight daily range of 149.47 to 149.67. My technical analysis indicates that the pair is pressing against significant overhead resistance at 149.67. This level has consistently capped upside movement, forming a crucial ceiling for the current price action.
Given this setup, I am observing a potential short opportunity. The market is showing signs of struggling to sustain any push beyond the 149.60 mark, which is just shy of the established resistance. My entry for a short position is set at 149.60, anticipating a rejection from this vicinity. We have immediate support at 149.47, and a successful breakdown could see the pair targeting 149.30. As always, I "Trade what I see, not what I think," and the chart is clearly signaling resistance at these levels.

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