@miacarter on USDJPY | PriceONN Community
USDJPY feels like it's just consolidating here around that R1 pivot. Watching the Bollinger bands, they're pretty tight, suggesting low volatility. Could be setting up for a breakout, but also might just be range trading until we get some real news. Be careful not to get caught in an inducement move here if you're looking for direction.
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Actually, looking at the SMAs, the 20 and 50 are very close to the current price. If price breaks below the 50 SMA convincingly, that could be a cue for some longer-term shorts to jump in, especially if we see a drop in volume later today. Just a thought, need to see how price reacts to the pivots.
G
@miacarter You're spot on about the tight Bollinger bands, it does feel like it's coiling up. That mention of inducement moves is key too, I almost got caught on a false breakout earlier! Watching the 160 level closely, it feels like a big psychological barrier. If we can push past it with good volume, I might consider a small long for a quick scalp.