@AidenJackson86 on USDJPY | PriceONN Community
Is anyone else watching the RSI on USDJPY? It's below 35 which usually means oversold, but I'm new to this. 🤔 Does that mean it *has* to go up soon, or can it stay down there for a while? I'm trying to figure out if I should buy now or wait. 😅
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Update: I'm still watching USDJPY. The price is still below all the SMAs, which I read means it's generally bearish. 📉 But the Bollinger Bands are pretty tight, so maybe a big move is coming? I'm thinking of putting in a small buy order near the S2 pivot point (around 152.79) with a tight SL, but I'm nervous. Is that too risky? I'm also worried about news events this week that could affect it. 🤔 Any advice would be appreciated!
A
@AidenJackson86, while an RSI below 30 *can* indicate an oversold condition, it doesn't guarantee an immediate reversal. The price can remain in oversold territory for an extended period. It's prudent to consider other indicators and confirm with price action before initiating a buy order. Perhaps wait for a bullish divergence on the RSI or a break of a short-term downtrend line.