For USD/JPY, there's a potential bearish pullback scenario:
Description: The chart indicates a potential bearish pullback, with significant support identified at two levels.
Support Levels:
The 1st support level is at 149.81, noted as an "Overlap support." This level suggests a historical area where the price has found support, indicating potential buying interest.
The 2nd support level is positioned at 148.76, recognized as an "Overlap support." Similar to the 1st support, this level represents another historical zone where price has found support, suggesting a strong level of buying interest.
Resistance Levels:
The 1st resistance level is observed at 150.81, characterized as a "Pullback resistance." This level indicates a historical barrier where the price has encountered selling pressure after reaching previous highs.
The 2nd resistance level is located at 151.37, designated as a "Pullback resistance." Like the 1st resistance, it represents another historical level where the price has struggled to move above due to selling pressure.