USDJPY - Trendline reached, watching the FVGThe price has recently reached and reacted to a significant descending trendline that has been acting as resistance since mid-January 2025. The current interaction with this trendline around 154.00 is particularly noteworthy as it coincides with a short-term pullback.
Below the current price action, there's a Fair Value Gap (FVG) marked by the orange box approximately at the 153.00 level. This FVG represents an inefficiency in price that often tends to get filled. Should the price pull back to this zone, it could present an interesting long opportunity for traders for several reasons:
1) The FVG zone could act as support, as these areas often attract price action
2) The pullback would allow for a better risk-reward ratio for potential longs
3) The recent upward momentum from the early February lows suggests underlying strength
For traders considering long positions, the FVG zone would be the key area to watch for potential entries.
