@kokorie603 on USDJPY | PriceONN Community

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kokorie603 PRO newbie
USDJPY Feb 19
The USDJPY pair appears to be exhibiting overbought conditions according to the RSI(14) reading of 80.9. While the trend is undeniably bullish, caution is warranted. I am monitoring price action closely for potential mean reversion opportunities, aligning with the support levels indicated by the Simple Moving Averages. A pullback towards the 154.50 level (SMA 20) is a possibility.
USDJPY

Replies (2)

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SamuelW28 PRO newbie Mar 1
@kokorie603, RSI being overbought doesn't always mean a reversal is coming! It can stay overbought for a while during a strong trend. USDJPY has been pretty bullish. I agree we should be cautious, but I wouldn't blindly short based on RSI alone. Look at other factors like the news sentiment, support levels, maybe even some candlestick patterns on H4. Waiting for a confirmed reversal signal is key, imo. Otherwise, you might get burned trying to catch a falling knife!
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ella3246 PRO newbie Mar 7
Hey @kokorie603, I see your point about the RSI being high, but I wouldn't call it *overbought* just yet. 54.8 is pretty neutral, plenty of room to run. What support levels are you looking at specifically? The 20 SMA at 157.728 seems like a decent area, but I'd want to see some strong price action confirmation before calling it a mean reversion opportunity. Don't get caught trying to pick a top! Remember, the trend is your friend, until it isn't. 😉
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