USD/JPY: Navigating the Sideways Range for a Short Opportunity

Technical Analysis and Trade Rationale

The USD/JPY pair is currently exhibiting a distinct sideways trend, trading within a tight range. At a current price of 149.41, we are seeing the pair operating near the upper boundary of its recent day range, which spans from 149.26 to 149.55. My analysis indicates a potential short-term rejection from this upper resistance level.
My proposed setup is to initiate a short position at 149.5. This entry point is strategically placed just below the immediate resistance at 149.55, anticipating that the pair will struggle to break higher in the current