USD/JPY Technical Analysis

The price is currently testing the upper boundary of the ascending channel near 152.40, which acts as a critical resistance level. If this resistance holds, the pair may see a retracement towards the midline support around 151.10.

Key Points:
Resistance at 152.40:
This level represents the upper boundary of the channel, and a rejection here could initiate a downward movement.

Support at 151.10:
The midline of the channel serves as the first significant support level if the price starts to decline from the resistance zone.

Technical Indicators:

The price is extended and approaching overbought levels, suggesting the potential for a pullback.
Key moving averages and Ichimoku components indicate the possibility of short-term corrective moves.
Conclusion:
As long as 152.40 resistance remains intact, the price is likely to decline towards the 151.10 support level. Traders should watch for confirmation of rejection at the resistance before taking positions.