USD/JPY: Short Opportunity as Sideways Trend Holds at Resistance

Technical Outlook and Entry Strategy

The USD/JPY pair is currently trading at 149.09, reflecting a slight retreat of -0.27% (-0.41) over the last 24 hours. While the broader trend has been largely sideways, price action is currently challenging the upper bound of its recent day range between 148.48 and 149.7. My technical analysis indicates that the 149.7 level remains a significant resistance point.
Given the current price proximity to this resistance, I am establishing a short position on USD/JPY. My entry will be at 149.3. This entry provides a favorable risk/reward profile, capitalizing on the established resistance and the pair's struggle to break higher within its sideways pattern. This is a position trade, aligning with a longer-term view on the pair's potential reversion.

Risk Management and Price Targets

Effective risk management is paramount in any trading strategy. For this short setup, my Stop Loss is placed at 150.3. This level is strategically positioned above the