@ChristopherWilliams on USDJPY | PriceONN Community

Interesting take on USDJPY, @ChristopherWilliams. I agree that the weekly close and proximity to the S1 pivot are noteworthy. From my perspective, the RSI on the H4 is hovering around 38, indicating some bearish momentum, but it's still well off oversold territory. The news regarding the US Dollar's potential weakness, especially with that mention of Iran de-escalation easing risk aversion, is a significant factor I'm watching. If the DXY continues to decline as suggested, it could certainly pressure USDJPY lower, potentially testing those lower levels you mentioned. However, we need to consider the BoJ's stance; any hint of intervention or hawkish commentary from them would immediately shift the bias. For now, I'm leaning towards a neutral stance until we see a clear break of either the 158.12 S2 pivot or a decisive move above the 50 SMA around 158.78. Observing price action closely during this quiet session.