USD/JPY: Technical Setup Signals Potential Upside Continuation Towards 150.6

Current Market Posture and Technical Analysis

The USD/JPY pair currently trades around 149.7, having seen a modest 0.14% increase over the past 24 hours. While the broader trend is described as sideways within the day range of 149.4 to 150.01, I observe a clear technical structure forming. The immediate support at 149.4 has proven resilient, while resistance at 150.01 has capped recent upside attempts. For a position trade, this consolidation near key levels often precedes a decisive move. The structure is clear; we are trading within a defined range, and my analysis suggests a higher probability of an upside resolution.

Trade Rationale and Risk Management

Given the current setup, I am initiating a long position on USD/JPY. My entry is set at 149.6,