The USD/JPY pair exhibited evident positive movement in recent sessions, approaching the crucial resistance level at 147.20. Notably, the price is consolidating just below this key threshold. Simultaneously, the stochastic indicator has displayed a loss in its positive momentum, transitioning into negative territory. This development raises the anticipation of a potential resumption of bearish momentum, with a likely target at the 146.17 support level.
It is essential to observe that the bearish outlook is reinforced by the presence of the EMA50, further suggesting a downside trajectory. However, a breach of the 147.20 resistance level could propel the pair to secure additional gains, potentially reaching up to 148.30.
In light of these factors, the anticipated trading range for the upcoming sessions is expected to fluctuate between the support at 146.30 and the resistance at 147.90.
Expected Technical Trend for Today: Bearish