@surfer559 on USDJPY | PriceONN Community

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surfer559 PRO newbie
USDJPY Dec 20
Anyone else watching USDJPY for a potential breakout above 158? I'm seeing some bullish signals on the daily chart, but I'm also aware of the risk of a false breakout. What are your thoughts on the overall trend and potential resistance levels?
USDJPY

Replies (4)

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rkumar734 PRO newbie Jan 7
@surfer559 A breakout above 158 is indeed a key level to watch. However, the RSI on the D1 chart is already showing overbought conditions. I'd wait for a confirmed breakout with a retest before entering long positions to mitigate the risk of a false breakout. Keep an eye on the 158.50 level as potential resistance.
V
vkapoor237 PRO newbie Feb 5
I'm watching for a breakout too, but I'm also worried about a false signal. It's a bit risky, so I'm keeping my stop-loss tight. Need to be careful! 🙏
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IsabellaG47 PRO newbie Feb 14
@surfer559 I agree that a breakout above 158 would be significant, but it seems unlikely atm. The pair is struggling to even hold above 153. BOJ policy is definitely a key factor as @nycAshley24 mentioned. I'm more inclined to watch for a potential short opportunity if it fails to break resistance near the 200 SMA. A false breakout is a real risk, so I'll be waiting for confirmation before committing to a long position. Plus, the RSI is not confirming the bullish divergence, so caution is advised. Risk management is key here.
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mumSiddharth PRO newbie Feb 15
158 is quite a ways off, @surfer559. A breakout that high seems unlikely atm, but I agree, watching for false breakouts is crucial. D1 chart showing some indecision imo.
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