USD/JPY Technical AnalysisJAPANESE YEN / U.S. DOLLARFX_IDC:JPYUSDHenrybillionUSD/JPY Technical Analysis — Testing Key Resistance Zone Ahead of Potential Reversal After several sessions of sideways consolidation, USD/JPY has finally shown a breakout from the accumulation range near 0.00650, approaching a key resistance zone around 0.00654–0.00656. On the 1-hour chart, price structure indicates a retest of previous supply, where sellers previously stepped in aggressively. This aligns with the Fibonacci 61.8% retracement from the last swing high to low and coincides with the EMA cluster, suggesting strong confluence resistance. If price fails to break above the 0.00654 resistance, a short-term pullback toward 0.00650 or even 0.00647 remains likely. However, a clear breakout and 1H candle closure above 0.00656 would confirm bullish continuation targeting 0.00660–0.00662 next. Key Technical Levels Resistance: 0.00654 – 0.00656 Support: 0.00650 / 0.00647 Trend Bias: Neutral-to-Bullish short term Trading Strategy: Scenario 1 (Sell setup): Look for bearish rejection near 0.00654 with confirmation candle → target 0.00650 / 0.00647. Scenario 2 (Buy setup): Wait for a confirmed breakout and retest above 0.00656 → target 0.00660 / 0.00662. RSI on lower timeframes is approaching overbought levels, so short-term corrections are possible before any sustained move higher. Price action today will be crucial to determine whether bulls have enough momentum to break through the upper resistance. Stay patient and let the market confirm direction before taking entries. If you find this analysis helpful, remember to follow for more daily strategies and updates.