The USD/JPY pair currently sits at a critical technical juncture, trading around the 149.84 level, where market participants are closely watching for directional cues. The price action has been respecting an ascending trendline since early March, suggesting underlying bullish momentum, while simultaneously testing the lower boundary of a significant resistance zone highlighted in blue on the chart. This confluence creates a decisive moment for traders – a break below the trendline could trigger another downward leg toward support near 149.00, while sustained strength above the current level might signal continuation of the uptrend toward the upper resistance band at 151.00. The chart's annotated projection suggests the possibility of one more pullback before resuming higher, making this a pivotal area for determining whether bears will gain temporary control or if bulls will maintain dominance without further consolidation.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.