USD/JPY: Structural Weakness Emerging - Targeting Support from Sideways Consolidation

Market Structure and Technical Analysis

The USD/JPY pair is currently exhibiting a distinct sideways trend, with the present price at 149.11. Over the past 24 hours, the pair has seen a slight decline of 0.26%, indicating some underlying pressure. The daily range has been confined between 148.53 and 149.69, clearly defining immediate support and resistance levels. My analysis indicates that the 149.69 level, which represents the recent day high and a significant resistance point, has held firm. Price action within this range suggests a lack of conviction for a sustained move higher, despite the broader long-term uptrend. The structure is clear: