@ali_r11 on USDJPY | PriceONN Community
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The RSI is really oversold on USDJPY right now, sitting at 26.6. This usually signals a potential bounce, but given the broader USD strength from the Middle East tensions and Fed rate outlook, I'm hesitant to go long aggressively. I'm looking at the 200-period SMA around 159.18 as a key resistance to watch. If we can't break above that, this bearish trend might continue despite the oversold condition. The price action is really choppy, almost like it's trying to decide if the 'higher for longer' Fed narrative will win out, or if global risk aversion will push Yen higher. I'm considering a small short if it fails to reclaim the 50 SMA.