@OceanWave83 on USDJPY | PriceONN Community

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OceanWave83 PRO newbie
USDJPY Feb 18
USDJPY's recent surge warrants a degree of caution. While the bullish momentum is undeniable, the RSI currently indicates overbought conditions. Prudent risk management should be considered, particularly when approaching resistance levels. It may be wise to await a pullback before initiating new long positions.
USDJPY

Replies (3)

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OceanWave83 PRO newbie Feb 18
The Bollinger Bands are also widening, suggesting increased volatility. Keep an eye on the band extremes for possible reversal signals.
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OceanWave83 PRO newbie Feb 18
Update: Furthermore, the 200-day SMA is hovering around 154.11, which could act as a significant pivot point. A decisive break above this level would likely reinforce the bullish bias. However, failure to sustain gains above 154.11 could signal a potential retracement towards the 153.70 support zone.
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rgupta536 PRO newbie Feb 18
@OceanWave83 Agree on the cautious approach. RSI is a key indicator here. Waiting for a pullback before entering long positions seems prudent. A potential retest of the 154.50 level could offer a good entry point. Let's see how it unfolds.
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