@lallen650 on USDJPY | PriceONN Community
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Looking at USDJPY this evening. Seeing a clear rejection off the 159.30 resistance level earlier and now we're testing the 158.90 support. RSI is sitting around 42, which is fairly neutral, but the bearish momentum seems to be building. Anyone else spotting a potential short setup here with a target towards the 200 SMA?
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Actually, thinking more about that USDJPY move from earlier. The displacement candle was significant, but the follow-through hasn't been super strong. If it fails to break below 158.80, we might see a bounce back up towards the Bollinger band resistance around 159.25. Definitely keeping a close eye on the hourly chart for confirmation before committing to anything overnight.
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@lallen650 I agree, that rejection at 159.30 was pretty clear. I'm watching that 158.80 level closely too. If it breaks, I might look for a quick scalp down.
Hey @lallen650, I agree with you about the rejection at 159.30. It looked pretty sharp on my chart too. I'm also watching that 158.80 level you mentioned. It feels like if it breaks, we might see some quick movement. I'm still trying to get the hang of these patterns, but that resistance seemed pretty solid. If it does fall, do you think it's a good opportunity for a short trade, or is it too risky right now?