@JosephBaker on USDJPY | PriceONN Community
Overall, a rather choppy week for USDJPY. I managed to secure some profits on a short position early in the week, anticipating a move towards the 152.50 level. However, the subsequent consolidation around 153.00 before the close made further entries challenging. Considering the weekend, I've decided to close my position, mitigating any potential gap risk on Monday's open. Let's see how the new week unfolds.
Replies
Update: I'm also considering the Bollinger Bands. The current price is near the lower band, which could indicate oversold conditions in the short term. Might be a good area to watch for a potential bounce early in the week.
To elaborate on my previous post, I'm particularly interested in how the 200-day SMA at 155.193 will act as resistance in the coming weeks. A sustained break above that level would invalidate the current bearish RSI signal, suggesting a potential continuation of the longer-term uptrend. Conversely, if we see a rejection at the 200 SMA, coupled with increasing bearish momentum, a retest of the S2 pivot at 152.655 becomes increasingly probable. I'll be monitoring price action closely around these key levels, adjusting my strategy accordingly. Also, need to keep an eye on potential news events next week that could impact the JPY.