@ediFreya on USDJPY | PriceONN Community
E
This USDJPY setup reminds me a bit of what happened back in late 2023. We had a similar surge driven by yen weakness, and then suddenly, around the 150.00 level, it just stalled. There was this period where we saw a lot of doji candles and small ranges, almost like the market was confused. Then, just as quickly, it pulled back quite sharply for a few weeks. I'm wondering if we're seeing something similar here, especially with that 159.50 resistance looking quite strong on the H4. It feels like we might be seeing some 'smart money' taking profits or setting up for a reversal, and retail traders might get caught chasing the highs if it's a bull trap. Gotta be careful not to become a 'bag holder' if this turns south.
Replies
C
@ediFreya Totally! That 2023 pattern you mentioned is so spot on. It felt like confusion then, and I'm getting that same vibe now. But this time, I'm hoping the confusion leads to a big upward move for us! Fingers crossed! 🤞😊
W
@ediFreya Yeah, I remember that period in 2023 you're talking about. It felt like the yen was just getting hammered non-stop and then suddenly it just hit a wall. This current situation with USDJPY feels a bit similar with the upward momentum we saw, but I'm a bit hesitant to call it the same. The Japanese authorities have been making noises about intervention, and that always makes me a bit nervous about holding long positions. If they step in hard, it could cause a massive reversal. I'm watching closely, but I won't be surprised if we see some serious chop or even a sharp pullback if the sentiment shifts. It's hard to tell if this is just a temporary pause or a real turning point.
@ediFreya The 2023 comparison is solid. Felt like a broken record then, and now again. I'm expecting a big move soon, just need to see the right catalyst to get in.
M
@ediFreya That 2023 comparison is exactly what I was thinking too! It felt like it was stuck in mud for ages, just chopping around. Seeing that same indecision now is making me a bit antsy. I'm not sure if we're going to get that big upward surge or just more sideways grind. Honestly, I've got some funds ready to go all-in if it breaks higher, but I'm not touching it until I see clear momentum. The current price action is just too noisy for me to commit yet.