USD/JPY (US Dollar/Japanese Yen), a potential bearish reversal scenario is outlined as follows:
Resistance Levels:
The 1st resistance level at 151.34 is identified as "Multi-swing high resistance," indicating a significant historical level where selling pressure has been evident across multiple price swings. This level is likely to attract sellers looking to capitalize on previous price rejections.
The 2nd resistance level at 151.90 is noted as "Swing high resistance," suggesting another point of resistance derived from previous price peaks. This level may further reinforce the bearish sentiment, as it aligns with historical swing highs.
Support Levels:
The 1st support level at 149.63 is highlighted as "Pullback support," indicating a level where buying interest could emerge after a retracement..
The 2nd support level at 148.80 is also described as "Pullback support," suggesting additional reinforcement of support in this area.
