USD/JPY reverses from 149.60 resistance on technical selling

USD/JPY has triggered a bearish reversal after failing to break above the crucial 149.60 resistance level, currently trading 0.4% lower at 148.85. The pair's inability to sustain momentum above this key technical barrier has prompted selling pressure from algorithmic traders and technical-focused participants. The 149.60 level has proven to be a formidable resistance zone, tested multiple times over recent sessions without success. Chart patterns suggest a potential double-top formation, with the neckline support at 148.20. A break below this level could accelerate declines toward 147.50, the 50-day moving average. Japanese yen strength is also supported by safe-haven flows amid global market uncertainties. Technical indicators including RSI and MACD are showing bearish divergence, reinforcing the negative outlook for the pair in the near term.