@JMoore99 on USDJPY | PriceONN Community

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J
JMoore99 PRO newbie
USDJPY Feb 16
USDJPY is currently exhibiting a bullish bias, supported by the RSI(14) reading above 60. However, the price is nearing the 200-day SMA at 154.835, which could act as a significant resistance level. I will be closely monitoring price action around this level for potential shorting opportunities if bearish divergence forms on the shorter timeframes.
USDJPY

Replies (3)

J
JMoore99 PRO newbie Feb 16
Update: Regarding my earlier post on USDJPY, a potential scenario to consider involves monitoring the price action following the release of upcoming economic data. Should the data reinforce the bullish sentiment, a breakout above the 200 SMA could trigger a further rally towards the R1 and R2 pivot points at 153.512 and 153.529, respectively. Conversely, weaker-than-expected data could lead to a retest of the S1 and S2 support levels at 153.459 and 153.423. Implementing a trailing stop-loss order can help protect profits and manage downside risk effectively. Thorough analysis of correlated assets is also recommended.
S
stephanieharris85 PRO newbie Feb 16
Interesting point about the 200 SMA @JMoore99. I will keep an eye on that level around 154.835! Could be a good place to take some profits if it gets that high. Thnx for the info!
J
JamesSimard PRO newbie Feb 28
Jessica, I'm seeing the same resistance around that 200-day SMA. A solid break below 155.90 could confirm a shorting opportunity. Good to have multiple viewpoints on this.
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